Project transactions advisory support for Independent Power Producers in Africa

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Client Emerging market power company
Dates 2008
Sector(s)International Infrastructure
Service(s)Transaction Advisory

CEPA provided strategic advice to an emerging market power company in its bidding process to build, own and operate a number of greenfield Independent Power Producer (IPPs). For example, we advised the company on a bid strategy for a greenfield IPP in Kenya on the tariff, the funding strategy for the debt package, the shape of the bidder’s consortium and on environmental, tax, and accounting aspects of the bid.

We supported the power company to prepare a bid for the purchase of an IPP in Francophone West Africa. We reviewed and updated the existing business plan and undertook valuation analysis of the investment opportunity, applying both cash-flow-based and market-based approaches. Our team also advised on the preparation of a bid for equity holdings in two other IPPs, one in Latin America and one in Africa. As part of this work, we carried out a review of the power plants’ business plans, including historic financials and projections, PPA and O&M arrangements and financial structures, and developed cash flow projections for one of the plants.

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