Experience

Delphos International is different from other financial advisors. Since 1987, we have cultivated successful relationships with government and international financial institutions worldwide. We have leveraged these relationships to arrange over $10 billion in financing for clients in every region of the developing world across multiple industry sectors. Given our access to a wide range of capital providers, our clients are not limited to any particular region, industry or size. The projects listed below represent a selection of our experience.

TPP TUZLA POWER PLANT EXPANSION & MODERNIZATION IN BOSNIA

Delphos International supported Javno preduzeće Elektroprivreda Bosne i Hercegovine d.d. Sarajevo ("JP EPBiH"), a public power utility company, with the development of a new 450 MW lignite unit ("Unit 7") and expansion of the Tuzla thermal power plant in Bosnia and Herzegovina. The units in the existing Tuzla power plant are some of the oldest in the country and no longer complied with EU environmental regulations. With project costs of $798.6 million expected, construction of the new unit will provide critical electricity to the national grid system and help meet long-term consumer demand. In partnership with WBBI Prague SE ("WBBI"), a European project development consultant, Delphos International provided financial advisory services including conducting market analysis, preparing tender documentation and evaluating bids received from potential project partners, assisting drafting and subsequent negotiations of project contracts and agreements, and supporting JP EBiH with structuring and negotiating project financing. A consortium consisting of China Gezhouba Group Co. Ltd ("CGGC") and Guangdong Electric Power Design Institute ("GEDI") was ultimately selected to design and build Unit 7, with 15% of the financing coming from JP EPBiH and the remaining 85% from the Export-Import Bank of China.

 

Latin America Export Finance Fund

Delphos assisted Crecera Finance Management Company, Ltd ("Crecera"), the fund manager of Latin America Export Finance Fund, Ltd ("LAEFF") to finance the expansion of its portfolio of short-term loans to underserved enterprises in the agricultural and commodities sector for the provision of pre-shipment or post-shipment export financing in Peru, Brazil, Columbia, and Uruguay. Delphos assisted Crecera in obtaining $50,000,000 of senior debt from the Overseas Private Investment Corporation to finance LAEFF’s expansion costs. Other lenders on the transaction included, Inter-American Development Bank, OPEC Fund for International Development, and BAWAG. The transaction received a Deal of the Year for 2013 by Trade Finance magazine.

 

330 MW Sarulla Geothermal Power Project

Delphos International served as a sole advisor to an Ormat-led consortium to raise over $350 million of senior debt from the Asian Development Bank (“ADB”) to construct, operate, and maintain the Sarulla geothermal project in Indonesia with total generation capacity of 330 MW. The other project sponsors were Itochu Corporation, Kyushu Electric Power Company, and Medco Power Indonesia. The financing package consisted of a 20-year $250 million loan from the ADB, a $100 million 20-year mezzanine loan from two climate funds administered by the ADB, a 20-year $490 million loan from JBIC, and a $330 million 20-year loan from six commercial banks, which includes political risk insurance from JBIC. BTMU, ING, Mizuho, NAB, SMBC and Societe Generale are the six commercial banks on the deal. The project will be developed and implemented under a 30-year energy sales contract with PLN (Indonesian electricity distribution company), a 30-year joint operating contract with Pertamina Geothermal Energy, and a 20-year guarantee from the Ministry of Finance.

 

PV Solar Panels on Remote Cell Phone Towers in India

Delphos advised AST on an approximately $400 million 80 MW project to provide turnkey power management solutions, including PV solar panels, to telecom tower operators in India. Delphos assisted AST in securing a $150 million loan from OPIC, which reached financial close in the first quarter of 2014. Ex-Im Bank has also provided a $5 million loan to AST. Delphos was responsible for all aspects of the financing process, including financial modeling, preparing information memoranda and other disclosure materials, coordinating lender due diligence, negotiating finance agreements, and ensuring prompt disbursement. 

 

Delphos International Arranges OFID Loan for CAL Bank

Delphos International and Avinture Group, acting as co-financial advisors to CAL Bank, raised $20 million in unsecured, long-term debt financing from the OPEC Fund for International Development ("OFID") in support of CAL Bank's growing lending activity. The facility will help CAL Bank, a leading independent bank in Ghana, meet the burgeoning capital needs of its corporate and SME clients. Founded in July 1990, CAL Bank is one of the fastest growing indigenous banks in Ghana operating through a network of 19 branches and 80 ATMs across the major cities and business districts of the country

 

Neighborhood Supermarkets in Brazil

Delphos International served as financial advisor to St. Marche Supermercados on the recent commitment of a $19.8 million senior debt facility from the Overseas Privates Investment Corporation ("OPIC"). The facility will support the Company's expansion of neighborhood supermarkets thoughout São Paulo, Brazil. Currently, the Company has 12 St. Marche-branded locations across São Paulo state; the loan will allow the Company to approximately double its presence. The OPIC commitment was the agency's second largest to Brazil in the last 12 years. Delphos International is collaborating on the advisory work with Brazil-based PTX lending.

 

Network Access Point Expansion in Brazil

Delphos International served as financial advisor to Terremark Worldwide, Inc. (“Terremark”) on the expansion of the Network Access Point of Brazil, a state-of-the-art, massively-connected facility providing customers with a comprehensive suite of managed solutions including managed hosting, collocation, network, and security services.  The expansion, which nearly doubled the available collocation space at the facility, was completed in early 2010.  The firm assisted Terremark in obtaining a $9 million long-term senior loan from the Overseas Private Investment Corporation ("OPIC") to finance 70% of total project costs, which included purchases and installation of equipment, modification of the existing facility, financing costs, and others. OPIC committed to the investment in 2010. 

 

Oil & Gas Refinery Expansion in Indonesia

Delphos International structured and negotiated a $4.5 million, 9-year loan from the Overseas Private Investment Corporation ("OPIC") to support Tucan Petroleum Services de Venezuela S.A. expansion in Indonesia. Tucan is a privately held oil well services company incorporated in Venezuela and majority-owned by a U.S. investor. Loan proceeds were applied to the purchase of additional fixed assets, start-up working capital, and financing costs.

 

Aquaria Real Estate Project in Israel

The Structured Finance Division of the U.S. Export-Import Bank ("Ex-Im Bank") hired Delphos International to act as a financial advisor and provide due diligence services for the Aquaria Ltd project in Israel. The project involved the construction, ownership and operation of a 300-acre theme park near the resort town of Eilat on the Red Sea. Delphos International performed due diligence on the project, which allowed Ex-Im Bank to make a determination regarding the financial feasibility of the proposed project.

 

Power Generation Companies in Panama

The government of Panama sold controlling shareholdings in four generation companies through a competitive international bid. A subsidiary of The AES Corporation offered a winning bid of $91.7 million for 49% interests in two of the generation companies.

The AES Corporation also received a concession to build, own, and operate the 120-MW Esti power plant, a greenfield hydropower station in western Panama. Delphos International arranged $334 million in long-term, limited-recourse financing for AES Panama, representing approximately 85% of the expansion costs. The financing allowed the building of the Esti Project, the upgrade of the Bayano asset, and the refinancing of a $275 million construction facility that Delphos International also played an integral role in arranging. The facilities were provided by the International Finance Corporation ("IFC") under an A/B loan structure, Credit Suisse First Boston ("CSFB"), acting as a private placement agent for the IFC B loan, and EKN, the Swedish export import bank. The financing received a preliminary investment grade rating from Fitch of BBB-, piercing the sovereign debt ceiling of Panama.

Delphos International assisted AES Changuinola with the financing of a 223 MW hydroelectric facility with average energy generation of approximately 1,047 GWh. AES Panama was awarded a PPA for in September 2006, following a competitive bid, by two Panamanian distribution companies owned by Union Fenosa of Spain. The PPA has a term of 10 years starting in January 2010. In turn, AES Panama, the largest electric generation company in the country, agreed to terms similar to those in the PPA in an off-take contract with AES Changuinola. It is estimated that the project will cost an estimated $562 million. Delphos International assisted AES Changuinola in raising approximately $366 million in senior loans from local banks and arranged by Banco Continental de Panama. The financing closed in mid-2007. The project will address the need for new hydropower capacity in the country and will help reduce Panama's reliance on expensive imported oil. Based on its technical and other characteristics, the project is expected to be very competitive in Panama's liberalized mixed spot and contracting market.

 

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