The Asset Triple A
Asia Infrastructure Awards 2017

Country deal awards

Australia
Privatization deal of the year
Port of Melbourne A$9.70 billion privatization
Sponsors:
Borealis, Global Infrastructure Partners, Queensland Investment Corporation
Financial advisers:
Credit Suisse, Gresham
Mandated lead arrangers:
ANZ, Bank of America Merrill Lynch, Bank of China, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Commonwealth Bank of Australia, Canadian Imperial Bank of Commerce, China Construction Bank, DBS, Export Development Corporation, Industrial and Commercial Bank of China, ING, National Australia Bank, Natixis, Societe Generale CIB, Sumitomo Mitsui Banking Corporation
One of the largest port privatizations globally and it is the last major city port to be privatized in Australia
Port financing deal of the year
Victoria International Container Terminal A$398 million syndicated loan facility
Sponsors:
International Container Terminal Services Inc
Financial adviser:
Citicorp Capital Philippines
Mandated lead arrangers and bookrunners:
Citi, KfW IPEX Bank, Standard Chartered
Mandated lead arrangers:
Bank of China, DBS, Investec Bank
Lead arranger:
Cathay United Bank
The deal pushed the project finance envelope in Australia with longer tenors, with the commercial loan facilities extended to seven years and 10 years
Renewable energy deal of the year - Wind
Hornsdale Wind Farm Stage 2 A$174 million debt financing
Sponsors:
John Laing, Neoen
Mandated lead arrangers:
KfW IPEX-Bank, Societe Generale CIB
It achieved the lowest renewable energy tariff in Australia. It is also a large and strategic transaction for the Australian Capital Territory.
Renewable energy deal of the year – Solar
PARF Solar Flagships A$202 million senior secured project financing
Sponsors:
Powering Australian Renewables Fund – AGL (20%), Queensland Investment Corporation and Future Fund (80%)
Mandated lead arrangers:
Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, National Australia Bank, Sumitomo Mitsui Banking Corporation, Westpac Banking Corporation
The first transaction completed as part of Powering Australia Renewables Fund (PARF) structure and will be used as a template for future PARF deals. It features shorter power purchase agreement duration than most others in the market
Rail deal of the year
Glencore A$1.14 billion sale of G Rail
Sponsors:
Genesse & Wyoming, Macquarie Infrastructure and Real Assets
Financial adviser.
Bank of America Merrill Lynch
Mandated lead arrangers:
ANZ, Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citi, Commonwealth Bank of Australia, J.P. Morgan Chase Bank, National Australia Bank, Sumitomo Mitsui Banking Corporation
The deal, which forms another significant part of Glencore’s debt reduction programme, involves the servicing of the majority of Glencore’s coal haulage requirements in the Hunter Valley
Power deal of the year
New South Wales 50.4% disposal of Ausgrid
Sponsors:
AustralianSuper, IFM Investors
Exclusive financial adviser:
Macquarie Capital
Mandated lead arrangers:
ANZ, Bank of America Merrill Lynch, Bank of Nova Scotia, BNP Paribas, Commonwealth Bank of Australia, Credit Agricole CIB, HSBC, ING, Mitsubishi UFJ Financial Group, Mizuho Bank, National Australia Bank, Natixis, Societe Generale CIB, Sumitomo Mitsui Banking Corporation, Westpac Banking Corporation
Deal represents one of the most significant debt raisings in Australian history and was completed under a short timeframe
Bangladesh
Power deal of the year
North-West Power Generation Company Limited US$196.7 million financing
Sponsor:
North-West Power Generation Company Limited
Mandated lead arrangers and lenders:
Bank of China, Deutsche Pfandbriefbank, Siemens Bank, Standard Chartered
ECAs:
Euler Hermes, Sinosure
Multilateral:
Multilateral Investment Guarantee Agency (MIGA)
The transaction opened up another source of financing for North West for its project development and it marked the longest tenor commercial financing for any power project in Bangladesh
Telecom deal of the year
Bangabandu- 1 project EUR 155 million Bpifrance covered facility
Sponsors:
Bangladesh Telecommunication Regulatory Commission
Coordinating arranger:
HSBC
Mandated lead arrangers:
Credit Agricole CIB, HSBC
ECA:
Coface
The project consists of the construction and launch of the first civil communication satellite cable of Bangladesh
Social infrastructure deal of the year
Bangladesh Dialysis Centres PPP US$2.2 million financing
Sponsor:
Sandor Medicaids Private Limited
Financial adviser:
International Finance Corporation
The first PPP in health sector in Bangladesh which significantly increased the number of dialysis machines in the country
China
Renewable energy deal of the year
Sanchuan Energy Group 280 million yuan senior structured financing
Sponsor:
Sanchuan Energy Group
Arrangers:
BNP Paribas, Societe Generale CIB
This is one of the few renminbi-denominated structured financings in China’s renewable market in recent years where the loan is based on a notional tenor in excess of 10 years.
India
Project finance deal of the year/Renewable energy deal of the year – Solar
Sepset Construction Limited 1.73 billion rupee term loan facility
Sponsor:
RattanIndia Group
Arranger:
YES Bank
To fund the construction of 2x20MW solar power project and the financing involves the creation of a reserve beginning the 10th year of the plant operations, to be built out of surplus cash flows
Renewable energy deal of the year – Wind
Mytrah Energy (India) 26.88 billion rupee debt refinancing and working capital facility
Sponsor:
Mytrah Group
Arranger:
SBI Capital Markets
Lenders:
IDFC Bank, Oriental Bank of Commerce, State Bank of India
• One of the largest transactions in the renewable energy sector in India. It features a co-obligor structure which enhanced the credit rating of the portfolio of projects on account of de-risking benefits, resulting from diversification of offtakers and diversification of geographical presence
Petrochemical deal of the year
TCI Sanmar Chemicals SAE US$565 million facility
Sponsor:
Sanmar Holdings
Financial adviser:
SBI Capital Markets
Lenders:
Axis Bank, Bank of Baroda, Bank of India, Export-Import Bank of India, ICICI Bank, Indian Bank, Indian Overseas Bank, State Bank of India, Syndicate Bank, Union bank of India
To fund the expansion of the sponsor’s integrated vinyls facility in Egypt
Chemical deal of the year
Chambal Fertilisers and Chemicals US$710.91 million financing facility
Sponsors:
Hindustan Times, Zuari Global Limited
Financial adviser:
SBI Capital Markets
Lenders:
Axis Bank, Export-Import Bank of India, HDFC Bank, State Bank of India
The first urea project to be commissioned by a private sector company in India after a gap of 17 years and paves the way for further investment in urea sector in India
Oil and gas deal of the year
Bharat PetroResources Limited US$2.262 billion SBLC financing facility
Sponsors:
Bharat Petroleum Corporation
Financial adviser:
SBI Capital Markets
Sole mandated lead arranger:
SBI Capital Markets
Lenders (SBLC facility Tranche 1):
Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Indian Bank, Punjab National Bank (lead bank), Oriental Bank of Commerce, Syndicate Bank, Union Bank of India
Lender (SBLC facility Tranche II): :
State Bank of India
The deal involves the financing of Mozambique Rovuma offshore area 1 block gas development and liquefaction plant project and structured as two-tier facility to enable long-term financing
Power deal of the year
Thermal Powertech Corporation 50.89 billion rupee refinancing
Sponsors:
Sembcorp Utilities Private Limited
Financial adviser:
SBI Capital Markets
Sole arranger:
SBI Capital Markets
Lead lender:
State Bank of India
Lenders:
Andhra Bank, Bank of Baroda, Punjab National bank, United Bank of India
Achieved a lower funding cost due to improved credit profile and deal structuring
Transport deal of the year
Jawaharlal Nehru Port Trust US$400 million facility
Sponsors:
Jawaharlal Nehru Port Trust, National Highways Authority of India, City and Industrial Development Corporation of Maharashtra
Financial adviser:
SBI Capital Markets
Lenders:
DBS, State Bank of India
The financing will be onlend to Mumbai Jawaharlal Nehru Port Road Company for 6/8 laning of existing road connectivity to the port
Indonesia
Project finance deal of the year/Power deal of the year
Central Java IPP US$3.40 billion financing
Sponsors:
Bhimasena Power Indonesia – Electric Power Development company (34%), Adaro Power (34%) and ITOCHU Corporation (32%)
Financial adviser:
Sumitomo Mitsui Banking Corporation
Mandated lead arrangers:
Bank of Tokyo-Mitsubishi UFJ, DBS, Mizuho Bank, Mitsubishi UFJ Trust and Banking Corporation, Norinchukin Bank, Oversea-Chinese Banking Corporation, Shinsei Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank
The first infrastructure project under Indonesia’s public private partnership scheme and the first IPP to implement ultra-super critical technology in Indonesia. The first project to benefit from a guarantee from the Indonesia Infrastructure Guarantee Fund
Power deal of the year - Highly commended
Shenhua Guohua Pembangkitan Jawa Bali US$1.8 billion ultra-supercritical coal-fired power plant
Sponsors:
China Shenhua Energy Company, PJB Investasi
Financial adviser:
HSBC
The largest IPP tendered to date without any government guarantee or support for Perusahaan Listrik Negara’s payment obligations
Renewable energy deal of the year
Hasang Hydroelectric IPP US$140.5 million project financing
Sponsors:
LG International, Titan Group
Financial adviser:
Sumitomo Mitsui Banking Corporation
Mandated lead arrangers:
Korea Development Bank, Societe Generale CIB, Sumitomo Mitsui Banking Corporation
ECA:
Ksure
The first project finance deal by LG International and the inaugural IPP financing by KSure in Indonesia
Mining deal of the year
Tujuh Bukit Gold Project US$130 million project finance facility
Sponsor:
Merdeka Copper gold
Mandated lead arrangers:
BNP Paribas, HSBC, Societe Generale CIB
It is one of the few international bank financings in Indonesia for a greenfield project.
Oil and gas deal of the year
Tangguh LNG US$3.745 billion financing
Sponsors:
BP; CNOOC; INPEX Corporation; Japan Oil, Gas and Metals National Corporation; JX Holdings; LNG Japan; Mitsubishi Corporation; Mitsui & Company; Repsol; Sojitz Corporation; Sumitomo Corporation
Financial adviser:
Societe Generale CIB
Lenders:
Asian Development Bank US$400 million/Japan Bank for International Cooperation US$1.2 billion
Mandated lead arrangers (International tranche):
Bank of China, Bank of Tokyo Mitsubishi UFJ, BNP Paribas, China Construction Bank, Credit Agricole CIB, DBS, KfW Bank, Korea Development Bank, Mizuho Bank, Oversea-Chinese Banking Corporation, Shinsei Bank, Sumitomo Mitsui Banking Corporation, United Overseas Bank
Lenders (Domestic tranche):
Bank Mandiri, Bank Negara Indonesia, Bank Rakyat Indonesia, Indonesia Infrastructure Finance
It was the first time an LNG project financing involved domestic financial institutions in Indonesia, which was in line with the Indonesian government initiatives to increase local participation in strategic projects
Japan
Transport deal of the year
Kansai International Airport and Osaka International Airport 190 billion yen concession financing
Sponsors:
ORIX Corporation, VINCI Airports SAS
Lead arrangers and bookrunners:
Mizuho Bank, Sumitomo Mitsui Banking Corporation
The first project financing for a concession-based project in Japan
Laos
Power deal of the year
Electricite du Laos US$85 million loan facility
Sponsor:
Ministry of Finance, Lao People’s Democratic Republic
Sole lead arranger:
Kasikornbank
The project is designed to enhance the reliability of Electricite du Laos as electric power supplier for the socio-economic development of Lao PDR
Malaysia
Project finance deal of the year/Transport deal of the year
Lebuhraya DUKE Fasa 3 3.64 billion ringgit wakala bi al-istithmar sukuk
Sponsor:
Ekovest Berhad
Sole financial adviser principal adviser and lead arranger:
AmInvestment Bank
Joint bookrunners and lead managers:
AmInvestment Bank, CIMB Investment Bank, Maybank Kim Eng, RHB Investment Bank
Malaysia’s first sukuk issuance based on the Shariah principle of wakala bi al-istithmar to fund the development and construction of an expressway, and the largest ringgit-denominated greenfield toll road project financing (in nominal value) to date
Renewable energy deal of the year
Sarawak Hidro 5.54 billion ringgit murabaha sukuk
Sponsor:
Sarawak Hidro
Sole principal adviser and lead arranger:
Maybank Kim Eng
Joint lead managers:
Maybank Kim Eng, RHB Investment Bank
The first hybrid project finance sukuk of its kind and the largest ringgit issuance in 2016.
Power deal of the year
TNB Global Ventures Capital US$750 million wakala sukuk
Sponsor:
Tenaga Nasional
Sole principal adviser and lead arranger:
CIMB Investment Bank
Joint bookrunners and lead managers:
BNP Paribas, CIMB Investment Bank, Citi, HSBC
The first ever sukuk in Asia to use rights to services in relation to electricity distribution as the underlying asset. It was the largest and lowest-priced Asian corporate US dollar sukuk in 2016
Telecom deal of the year
Maxis Broadband 840 million ringgit unrated sukuk murabaha
Sponsor:
Maxis Group
Sole principal adviser, lead arranger, lead manager:
CIMB Investment Bank
Shariah adviser:
CIMB Islamic Bank
The deal was drawn from the largest unrated sukuk programme established in the ringgit sukuk market
New Zealand
Mining deal of the year
OceanaGold Corporation US$250 million corporate facility/NZ$100 million performance bond facility
Sponsor:
OceanaGold Corporation
Mandated lead arrangers:
Bank of Nova Scotia, BNP Paribas, Citi, Commonwealth Bank of Australia, HSBC, Natixis
To refinance the existing facilities following the acquisition of Romarco Minerals
Pakistan
Renewable energy deal of the year
Chanar Energy Limited 2.20 billion rupee syndicated term finance facility
Sponsor:
Chanar Sugar Mills Limited
Lead adviser and arranger:
MCB Bank
To finance the installation/setting up of a 22-MW bagasse-fired power generation plant. Bagasse cogeneration will help in improving the energy mix of Pakistan
Power deal of the year
Engro Powergen Thar Limited US$1.10 billion project financing
Sponsors:
Engro Powergen Thar Limited, Sindh Engro Coal Mining Company
Financial advisers:
Industrial and Commercial Bank of China, Habib Bank
Lenders:
Bank Alfalah, China Development Bank, China Construction Bank, Industrial and Commercial Bank of China, Faysal Bank, Habib Bank, National Bank of Pakistan, United Bank
ECA:
Sinosure
The first indigenous coal-based power project in Pakistan under the China-Pakistan Economic Corridor and the first mine mouth power plant in Pakistan
Transport deal of the year
SEPCO 12.658 billion rupee syndicated term finance facility
Sponsor:
Frontier Works Organization
Lead advisers and arrangers:
MCB Bank, Meezan Bank, United Bank
To finance the construction of 81-km long, high speed Swat Expressway. The first transaction on a non-recourse basis with the returns from toll collections only and no recourse on the sponsor
Philippines
Project finance deal of the year/Renewable energy deal of the year/Most innovative deal
AP Renewables 12.5 billion pesos climate bond
Sponsor:
Aboitiz Power Corporation
Mandated lead arranger and sole bookrunner:
BPI Capital Corporation
Lender:
Asian Development Bank
The first climate bond in Asia-Pacific and the first ever climate bond for a single project in emerging markets as certified by Climate Bond Initiatives. The first project finance bond ever issued in local currency in the power sector in the Philippines and the first credit-enhanced project bond in Southeast Asia, excluding Malaysia, since the 1997-1998 Asian financial crisis
Renewable energy deal of the year - Hydro
Hedcor Sibulan 4.1 billion pesos project notes facility
Sponsor:
Aboitiz Power Corporation
Issue manager and sole bookrunner :
First Metro Investment Corporation
First project notes facility in the Philippines which opens infrastructure financing to non-bank institutional investors
Renewable energy deal of the year – Highly commended
Angat Hydropower Corporation 12.6 billion pesos facility
Sponsors:
Korea Water Resources Corporation, SMC Global Power Holdings Corporation
Sole mandated lead arranger:
BPI Capital Corporation
Lenders:
Bank of Commerce, Bank of the Philippine Islands, KEB Hana Bank, Maybank Kim Eng, Philippine Business Bank, Shinhan Bank, Sunlife, United Coconut Planters Bank
The first large-scale merchant plant being refinanced primarily from the proceeds of local debt
Power deal of the year
GNPower Dinginin Limited Company US$670 million/7.5 billion pesos project financing facilities
Sponsors:
Power Partners Limited Company, AC Energy Holdings, Therma Power
Mandated lead arrangers, bookrunners and issue coordinators:
BDO Capital and Investment Corporation, RCBC Capital Corporation
Co-lead arrangers:
China Bank Capital Corporation, Development Bank of the Philippines, SB Capital Investment Corporation
Participating arranger (Peso facility):
BPI Capital Corporation
One of the largest multi-currency denominated project financing facilities in the Philippines funded exclusively by local banks, and does not have any government or corporate guarantee
Power deal of the year – Highly commended
Redondo Peninsula Energy 31.5 billion pesos facility
Sponsors:
Meralco PowerGen Corporation, Taiwan Cogeneration International Corporation, Therma Power
Sole mandated lead arranger and bookrunner:
BPI Capital Corporation
Lenders:
Bank of the Philippine Islands, Robinsons Bank, Union Bank of the Philippines
The largest greenfield project financing facility in 2016, involving the construction of a new 300MW circulating fluidized bed coal-fired power plant and related facilities
Transport deal of the year
Light Rail Manila Corporation 24 billion pesos project loan facility
Sponsors:
AC Infrastructure Holdings Corporation, Macquarie Infrastructure Holdings (Philippines), Metro Pacific Light Rail Corporation
Financial adviser:
International Finance Corporation
Co-financial adviser:
Development Bank of the Philippines
Financial adviser to the borrower:
Macquarie Capital
Mandated lead arranger:
First Metro Investment Corporation, RCBC Capital Corporation, SB Capital Investment Corporation
Lenders:
Metrobank, Rizal Commercial Banking Corporation, Security Bank Corporation
A key PPP deal for the government to fund the extension of Manila Light Rail Transport 1
Singapore
Renewable energy deal of the year
TuasOne Private Limited S$653.4 million project financing
Sponsors:
Hyflux Limited, Mitsubishi Heavy Industries Limited
Mandated lead arrangers:
Bank of Tokyo-Mitsubishi UFJ, DBS, Maybank Kim Eng, Mizuho Bank
The waste-to-energy plant will be the largest and most efficient energy recovery facility and will address the growing solid waste disposal requirement in Singapore
Thailand
Power deal of the year
Banpong Utilities Company US$103.36 million/4.70 billion baht project financing facilities
Sponsor:
Electricity Generating Public Company Limited
Financial adviser:
Kasikornbank
Mandated lead arrangers:
Bank of Ayudhya, Kasikornbank, Mizuho Bank, Sumitomo Mitsui Banking Corporation, TMB Bank
One of the small power producer projects with long loan tenor of 20 years in Thailand’s power project finance market
Renewable energy deal of the year
BCPG Public Company Limited US$273 million structured finance
Sponsor:
Bangchak Petroleum
Mandated lead arrangers:
Bangkok Bank, Kasikornbank, Mizuho Bank, Tisco Bank
The largest renewable energy loan syndication in 2016
Mining deal of the year
Thai Kali Company US$87.5 million term loan facility
Sole mandated lead arranger:
Siam Commercial Bank
The first potash mine under construction in Thailand and the transaction was structured to leverage on the project’s debt capacity with all the mechanisms of project finance in place to ensure prudent risk mitigation