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2015/FMP/WKSP2/012
Session 2.6
Key Initiatives in Creating Bankable Deals
Submitted by: Bank of Tokyo-Mitsubishi UFJ (BTMU)
Workshop on Infrastructure Financing and Capital
Market Development
Iloilo, Philippines
23-24 July 2015
Key Initiatives in Creating
Bankable Deals
Hiroshi Matano
Executive Officer & Global Head of Structured Finance
The Bank of Tokyo-Mitsubishi UFJ, Ltd. (“BTMU”)
July 2015
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
A member of MUFG, a global financial group
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Key Initiatives in Creating Bankable Deals
Infrastructure Finance / Current Status
(1) Regulatory framework for PPP has been developed in many Asia Pacific nations (e.g.
Vietnam/New PPP Doctrine, Philippines/PPP Center, Indonesia/PPP Unit).
(2) Each of multilateral agencies, export credit agencies, official development assistance
organizations and local banks have been playing significant roles in infrastructure
finance.
(3) Global initiatives to facilitate infrastructure investment/finance have been recently
established (e.g. World Bank/Global Infrastructure Facility, ADB/Co-Advisory Platform).
 To date, International banks have made substantial contribution to the development the
Independent Power Project (“IPP”) sector in the developing countries.
 However, there has been limited involvement of international banks in PPP projects,
such as roads, railways, ports, and etc., located in these countries.
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Discussion Purpose Only
Key Initiatives in Creating Bankable Deals
Financing to IPPs in Developing Countries / Lessons from the Past
(1) Dated back to early 1990s in Asia (e.g. Pagbilao Coal-fired Power Project, 1993)
(2) Although initially considered challenging, a number of IPPs have accepted the
following standards which lead to their successes.
- Strong commitment by host countries
- Experienced foreign sponsors and contractors
- US$-indexed mechanism in Power Purchase Agreements (“PPA”)
- Extensive support from multilateral agencies and ECAs
(Today)
- In the Philippines, Thailand and India, local banks with ample liquidity provide
financing to numerous IPPs with minimal or no involvement of international banks
- In Indonesia and some countries, IPPs with above framework are still prevailing
but with certain structural adjustments
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Discussion Purpose Only
Key Initiatives in Creating Bankable Deals
Nam Ngiep Hydropower Project / Collaboration Between Local &International Banks
Background
(1) 289MW hydroelectric power project in Lao PDR(signed in 2014)
(2) Upon completion, majority of electricity will be sold to Electricity Authority of Thailand
(“EGAT”)
Key Features of the Project
Availability based payment by EGAT in dual currencies
• Payment under 27-year PPA will be made in both USD and THB (50% each)
• Debt facilities are divided into USD and THB tranches involving 3 Japanese
banks, 2 multilaterals/ECAs and 4 Thai banks
LHSE
USD lenders(ADB, global banks)
Debt
EGAT INT
NNP1
THB lenders(ADB, local banks)
O&M Contractor
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Discussion Purpose Only
O&M
Agreement
EPC
Contract
EPC Contractor
KEPCO
EGAT
Power Purchase Agreement
(USD 50% : THB 50 %)
Key Initiatives in Creating Bankable Deals
General Features of PPP Projects (in comparison with IPPs)
(1) Less stable/predictable cash flow (unless on an availability payment basis)
(2) Smaller involvement of central government
(3) Larger local civil component/ Smaller portion of foreign equipment in project budget
(4) More concerns on land acquisition
Taking into the above, more bankable PPP projects could be created IF:
 Appropriate international standards are applied to greenfield projects (roads, railways,
ports etc).
 There are opportunities for foreign players to acquire existing projects. This will allow
foreign players to become more familiar with projects and enable them to gradually
take more risk in subsequent projects.
 International banks gain stronger insight into local risk by being involved in projects
which has local and International bank participation.
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Discussion Purpose Only
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