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EBRD Investment Strategy for Energy Projects in SE Europe

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EBRD Investment Strategy for Energy Projects in SE Europe EBRD investment strategy for energy projects in SE Europe September 2016 Introduction to the EBRD An international financial institution Where we invest established in 1991, owned by 65 countries and 2 inter-governmental organisations (EU and EIB) Invests in 36 countries Capital base of over €30 billion Over €107 billion invested through 4470 projects In 2015, € 9.4 billion in 381 projects AAA Rating Promotes transition to market economies by investing mainly in the private sector Encourages environmentally sound and sustainable development The EBRD and its objectives Objectives: • To promote transition to market economies by investing mainly in the private sector • To mobilise significant foreign direct investment and facilitate inward and cross border investments in the region • To support market focused reforms, privatizations • Promotes policy dialogue with regards to investment climate, business and policy matter • To encourage environmentally sound and financially sustainable development 3 Benefits of working with the EBRD • Strong, internationally recognized partner with long term perspective • AAA rated, commercially focused • Mitigation of political and regulatory risks • Policy dialogue with government and regulators • Grant-funded technical assistance • Finance and operations monitoring EBRD • Flexible deal structure ValueEBRD- valueadded-added • Support of strategic investors • Debt finance to both public • Perception of quality investment and private sector • Sector expertise through • Syndication under preferred ShareholderShareholder’s Board of Directors creditor status Value LT Debt Equity • Good corporate governance DebtFinancing Equity • Catalyst to access Financing • Catalyst to access additional additional debt equity • LT (up to 10y or more) or • Positioning as neutral party ST revolving • Common stock, preferred, • Floating/ Fixed rates mezzanine • Choice of currencies • Minority position only (up to 35%) (€, US$, RUB, PLN, RON etc.) 4 EBRD basic project criteria • The operation is located in EBRD countries of operation • Investments have a beneficial effect on the local economy and supports transition • We are additional, i.e. not “crowding out” private money • The project makes economic sense - no “soft loans” or grants • Small size (<€5m for EBRD) is difficult directly from EBRD but special facilities are available mainly for various regions e.g. Western Balkans, Cyprus • Compliance over time with EU environmental standards 5 Power and Energy and Natural Resources financing guidelines • Maturities between 5 to 15 years • Flexibility on commitment amounts (but up to 35% for Project Financing) • IFI public procurement rules for works goods and service and competitive procurement for private partners of PPP arrangements • Market pricing and security structures • Local currency, where possible • Syndication to commercial banks, where possible or other IFIs • Equity investments, where appropriate, e.g during privatizations along side a strategic investor. 6 A key investor in the extractive industries sector Introduction to EBRD EBRD Natural Resources Track Record Working Together Signed business volume Operating assets by instrument • Long track record: 167 projects for a total of 1,600 EUR 7.16 billion net 9% 1,400 cumulative investment. 1,200 1,000 • Natural Resources Team: 800 30 bankers distributed 600 Mining Equity across the EBRD region: EUR million EUR 400 O&G Debt o Permanent presence in 200 Russia, Kazakhstan, - Mongolia, Ukraine, 2011 2012 2013 2014 2015 Egypt, Turkey and 91% Bulgaria. o 2 in-house mining and Operating assets by sub-sector Portfolio by region petroleum engineers involved in technical 6% appraisal, due diligence 18% 7% S. E. Mediterranean and monitoring. 26% o Access to additional Russia expertise (consultants). O&G E. Eur. Caucasus • Key sectors: 30% S. E. Europe Mining o Oil & Gas up-, mid-, and Central Asia downstream. 30% o Mining and services. 74% Central Europe 9% 7 Financing across the Natural Resources value chain Introduction to EBRD EBRD Natural Resources Track Record Working Together Mining • Flexible financing solutions: Reserve based Equity / Mezzanine lending, trade finance, convertible debt, early equity are some examples of Exploration Development/early production Mature/expansion the Bank`s wide product range. • Support across Debt stages of development. The EBRD supports Oil and gas strong sponsors in pre-development stage financing, Equity / mine/field Mezzanine development, project expansion and Exploration / Start-up Development/early production Mature/expansion services providers . Debt 8 EBRD – Power and Energy Utilities Team of ca. 35 bankers, based in London, Almaty, Amman, Belgrade, Budapest, Bucharest, Cairo, Istanbul, Kiev, Moscow, Tbilisi and Warsaw EBRD’s Power team works closely as a trusted partner to clients and governments in: • Promoting renewable and sustainable energy through direct financing an policy dialogue • Supporting sector reforms and allowing market principles to develop (e.g. increased competition, market liberalisation, increased private ownership) • Strengthening frameworks and infrastructure that lead to regionalisation (eg. trans-border transmission lines, regional trading hubs) but also integration of renewable energy • Supporting the deployment of new technology e.g. smart metering 9 EBRD – Power and Energy Utilities • Cumulative EBRD financing in the power Commitments in € billion 1.4 12 Net and energy sector since 1992 has exceeded EUR 11bn, spread across 228 1.2 10 Commitmentscumulative 1 projects. Total value of these projects is 8 c.EUR 39bn. 0.8 6 0.6 4 • In 2015 EBRD invested over EUR 1.2 0.4 billion in 20 projects in the power & energy CommitmentAnnual 0.2 2 sector. 0 0 • In each of the last four years, annual Annual commitment Net Cumulative Commitments power & energy investments exceeded Financing by Sector (1991 – 2015) EUR 1bn and at least 20% of those funds 2% went towards renewable energy generation 9% projects. Electric Generation Electric Transmission 19% • EBRD power investments cover electricity Electric Distribution 44% generation, transmission, distribution, Renewable Power renewable power, large hydro and natural Large Hydro 14% gas distribution. Natural Gas Distribution 12% 28 September, 2016 10 Power and Energy Utilities – Financings by Region • Privatisations: Made key investments in Financing by Region power and gas privatisations in Bulgaria, (1991 – 2015) Moldova, Poland, Romania and Turkey. Southeastern Europe 6% 7% 25% Russia • IPPs are a key focus 8% Central Europe & Baltics Eastern Europe & Caucasus Central Asia • In 2015 the EBRD signed €590mn of 19% 18% Turkey financing for 13 renewables deals with a Southern & Eastern total gross project value of €2.2bn. 17% Mediterranean • Renewable energy technologies financed Renewables Financing by Region (2011–2015) since 2011 include primarily onshore wind Poland (57%), with geothermal (11%), small hydro 17% 24% Romania 2% (8%), solar (8%) and biomass (7%). Turkey 3% Regional • Award winning transactions include 6% Ukraine 5% 14% Kazakhstan Kirikkale CCGT (Turkey), Dariali hydro 6% Serbia Mongolia power plant (Georgia), and Ma’an Solar 23% Others (Jordan). Unaudited as at YE2015 Note: Renewable power excluding new build large hydro Source: EBRD data 28 September, 2016 11 Approval process and due diligence Introduction to EBRD EBRD Natural Resources Track Record Working Together • Feasibility study • Completion risk Signing • Production capacity Technical • Reserves report Final • Air / water pollution • Management Documentation • Discharge • Health & Safety • Communities Board Approval Environ. & • Management systems Social • ESAP / Gap Analysis EBRD • Historical financials Final Review Due Diligence Financial • Projections Process • Financial Model • Credit Ratios Due Diligence Structure Review Energy Audit • Supply-demand Our approval process Our approval Term Sheet Market • Competitors KYC • Price projections • FX exposure • Security Concept Review Legal & • Charter / Incorporation Contracts • Ownership and title • Licenses, permits • Legal agreements • Insurance 12 Selected Cases EBRD transactions: Case Studies 07900522207 Upstream Oil & Gas and Oil Field Services 14 Energean Oil & Gas, Greece – Upstream oil and gas field development EBRD Finance Project SummarySigned in USD 75 million senior loan and a USD 20 million subordinated loan to Energean Oil & Gas, the only private upstream oil and 2016 gas producer in Greece. Project USD 186 million for development of two projects, the Prinos and Epsilon oil fields off northern Greece, and funding of energy efficiency investment programme. Environmental Impact Both projects will help the company set higher standards for environmental, health and safety management and support the Greek government to improve the regulatory framework for offshore operations. Transition Impact (1) Largest investment in the Greek upstream sector, strengthening local business during the recovery period (2) Introduction of new technologies for operational efficiencies. (3) Technical support to the Greek government to achieve international best practice in the oil and gas sector. Link to Project Summary Document 1 / Link to PSD 2 15 Merlon, Egypt – Upstream offshore oil and gas field development EBRD Finance Project SummarySigned in USD 40 million loan to Merlon Petroleum El Fayum, an independent upstream oil & Gas company operating in Egypt. 2015 Project USD 80 million investment programme, including investments to reduce
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