presentación de powerpoint · sensibility: p50 p90 p99 tenor leverage hedge (rates) dscr reserve...
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JUNE, 2018
INTERSOLAR
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Development BankFounded in 1937
EximbankPromotionof Mexican
Foreign Trade
Sovereign Risk
ENERGY SECTOR
2014
Bancomext
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Bancomext: Portfolio
Energy Sector
*As of Dec 2017, Bancomext has an additional Balance of $242 MUSD incomplementary loans. Total Energy Sector: $1,180 MUSD.
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Bancomext Projects
PROJECTS: POWER & ENERGY ENVIRONMENTAL EQUIVALENCES
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Some projects financed by Bancomext
55%45%
Syndicated loans Bancomext Direct Loans
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• 30 projects: • Generating Capacity 6,850 MW • Syndicated Loans – Bancomext Participation $2,000 MUSD• 60% Approved and in Construction
• Green Pipeline:• Renewables 5,000 MW: 4,000 Solar (22) - 1,000 Wind (5)• 3 WTE Projects• Among the main Banks financing projects from the Auctions of the Energy Reform
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Bancomext Pipeline
Bancomext participates in financing 3,800 MW from the
1 stand 2nd auctions
(75% of the total)
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BE
ST
PR
AC
TIC
ES
:
International Banks
National Banks
Multilateral Banks
• IDB
• IFC
Technical Support Programs
• GIZ
Funding Banks
• JBIC
• KFW
• Other Organisms
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STRUCTURING
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STRUCTURE: PROJECT FINANCE
SPV
TRUST
Land Rights EPC O&MPermits & Licenses
OFFTAKERSPurchase Agreement,
Sale of Energy and CEL´s & PPA´S
Facilities:Senior Loan
SBLCHedgingVAT
Lenders
Stockholders(shares)
REGULATION
• National
• International
BANK SYNDICATE
ADVISORS
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Due Diligence
• Technical
• Administrative/Legal
• E&S
• Financial / Tax
• Merchant
• Insurance
Construction
• Budget
• Timeline
• E&S
Operation
• Production Output
• O&M
• Financial Ratios
• Dividend Test
• Compliance
• E&S
Repayment
• Payment
• Retirement of Equipment
• E&S
CREDIT PROCESS
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EPC – O&MExpertise
Soundness
Contract
Cost
Performance/Guarantee
LD
TimelineConflict of InterestsSubcontracts
Technology
• Main Equipment's
• Standards and Certifications
• Performance
•Losses
• MSA / TSA Contract
•Production Capacity
•Solvency
•Costs
•Guarantees
Location• Input Resource
• Infrastructure
•Electric
•Other
• Geotechnical / Topography
•Soil type
•Hydrology
• Layout
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Due Diligence - TECHNICAL
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Sponsor / SPV
•Expertise
•Executives
•Corporate Structure
• Soundness
•KYC
Land
•Main & Secondary's
•Private Property or Ejido
•Right of Use
•Purchase – Rent – Usufruct
•Tenor
•Right of Way
•Property Register
Due Diligence – ADMINISTRATIVE / LEGAL
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Main Contracts
•PPA´s
•EPC/MSA/TSA
•O&M
• Interconnection
• Interrelation
•Guarantees
• Indemnities
• LD
Permitting
•Generation
• Interconnection
• SCT
•Construction & Land Use
•Civil Protection
Due Diligence – LEGAL
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Environmental Impact Assessment (MIA)Social Impact Assessment (EVIS)ETJCONAGUAINAH
E&S Management Plan
Budget
Termination of Project
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Due Diligence – ENVIRONMENTAL & SOCIAL (E&S)
IFC Performance Standards
+ General EHS Guidelines
+ Industry Specific
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OFFTAKER TERM BANKABILITY
Commercial Scheme
AUCTIONS
BILATERAL LP
BILATERAL MP
MERCHANT
CLEARING HOUSE
QUALIFIED SUPPLIER
OFFTAKER
DSCR
1.20X
2.00X
MI X
Payment mechanism
CFE /CENACE
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Due Diligence – Market
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Spot Price Determination
Generation MatrixCFE & PRODESEN
Fuel Costs(Oil and Natural Gas):
World Bank, EIA y IMF.
MacroeconomicsFX: USD/MXN
Energy DemandGDP and Energy Demand
+
SENSIBILITY ANALYSIS
1. ENERGY
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+ +
Congestion/CurtailmentGrid Congestion
+
Due Diligence – Market
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Project Generation Matrix
2. CEL´s
3. POWER
HISTORIC / Critical Hours Projection
ESTIMATED POWER
(PRODESEN)
CEL´s Requirements per
Participant
Renewable Energy Generation CEL´s Prices
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Due Diligence – Market
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Sensibility:P50
P90P99
Tenor
Leverage
DSCRHedge (Rates)
Reserve Accounts
Cash SweepMechanism
INCOME 30/06/2017 28/02/2018 30/09/2018 30/09/2019 30/09/2020 30/09/2021 30/09/2022
PPA - Energy 0.0 0.0 0.0 8,000.0 6,885.0 7,600.0 7,512.0
PPA - CELS 0.0 0.0 0.0 5,000.0 10,948.4 5,000.0 11,191.6
PPA - Capacity 0.0 0.0 0.0 300.0 418.3 300.0 429.2
Hourly Adjustment Applied 0.0 0.0 0.0 15.7 49.2 8.7 5.5
Total revenues 0.0 0.0 3,306.8 16,304.0 20,961.4 15,486.0 21,669.9
O&M 0.0 0.0 1,000.0 2,500.0 7,000.0 15,000.0
Insurance 0.0 0.0 200.0 600.0 1,500.0 200.0
Land lease 0.0 0.0 0.0 0.0 0.0 0.0
Management & General Expenses 0.0 0.0 300.0 500.0 1,000.0 1,000.0
Usufruct 0.0 0.0 5.1 5.2 5.3 5.4
Asset financial management 0.0 0.0 0.0 0.0 0.0 0.0
LC cost 0.0 0.0 (180.6) (185.2) (179.0) (178.7)
Total OpEx 0.0 0.0 (2,343.2) 1,059.7 3,164.9 9,075.0 15,782.3
EBITDA 0.0 0.0 963.6 17,363.7 24,126.2 24,561.0 37,452.3
Tax Impact Benchmark:
CAPEX
Revenues/Costs
Contingencies
Inconsistencies
Delays
Penalties
IRR
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Due Diligence – FINANCIAL
Input Model Review
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ADMINISTRATIVE/
LEGALTECNICHAL
MARKETENVIRONMENTAL/
SOCIAL
FINANCIAL
FINANCIAL CLOSING
EXECUTION
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Project Finance
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Due Dilligence Construction Operation Repayment
• Budget• Milestone
• Site Preparation • Road Constructions• Equipment Delivery• Facility Construction
• Technical Performance
• E&S
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Credit Process
• Technical & Production Output
• O&M Review• Annual Budget
(OPEX y CAPEX)• Compliance
• Ratios• Covenants
• Dividend Test• E&S
• Payment• Refinancing• Project Termination• E&S
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Long Term
Financing
Letter of Credits
Alliances with Commercial Banks
& other Institutions
Customized Structure:
• Project Finance
• A/B
• Mini Perm
VAT Loans
Export Credit Agencies
(ECA´s)
US Dollar /
MXN Pesos
BANCOMEXT
Bancomext, a Mexican Development Bank has become an important player on thefinancing of energy projects, providing:
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