Financing for a Major Coal-Fired Plant in Botswana

Delphos advised the Government of Botswana on the financing of the 600 MW Morupule B coal-fired power project, including associated transmission and water supply infrastructure, with total project costs of $1.6 billion. As sole financial advisor, Delphos designed and organized a process for soliciting financing proposals from domestic, regional, and international financing institutions. Following receipt of more than 10 expressions of interest, the team analyzed and ranked the submissions, and based on our recommendations the client chose a financing plan involving a mixture of multilateral and commercial financing at very attractive rates and tenors. ICBC (China) provided $825 million over a 20-year term, backed by a Sinosure guarantee for the first 15 years and a partial credit guarantee from The International Bank for Reconstruction and Development (“IBRD”) for the last 5 years. Along with Standard Bank, Delphos also designed a hedging solution that converts the proceeds of the dollar financing into actual and synthetic Pula (based on a trade-weighted currency basket). The transaction was awarded the 2009 Deal of the Year by Project Finance and Project Finance International magazines.



  • Renewables & Power

Client Name

Goverment of Botswana

Services Provided

  • Capital Raising


  • Sub-Saharan Africa


  • Botswana