The Alisios Wind Projects, owned and sponsored by Globeleq Mesoamerica Energy (Wind) Limited (“GME”), a subsidiary company of Globeleq Generation Limited and Mesoamerica Power Ltd., have secured USD149 million in long-term debt financing.
The project debt financing and syndication was completed in April 2016 by The Netherlands Development Finance Company FMO, (who acted as Mandated Lead Arranger with USD 70.2 million (and excluding the B-loan participations done in April 2016), Proparco, the private sector investment arm of the French development body Agence Française de Développement (since October 2015 with USD 53 million) and OeEB, the Oesterreichische Entwicklungsbank AG (since April 2016 with USD 13,125,000). Triodos Groenfonds and Oikocredit, both from The Netherlands, took participations under FMO’s B loan (with an aggregate amount of USD13,125,000).
Given the projects’ locations in areas with an excellent wind resource regime from December until May, it is critical to be in the operational phase rather than busy with lifting of wind turbine generators and blades during such windy periods. So when in early October 2015 the last two offtake agreements (out of 4, each for 20MW) were signed with Instituto Costarricense de Electricidad (ICE), the Costa Rican state-owned utility, as Offtaker, the sponsor faced (among others) two challenging priorities in order to have Alisios operational by late 2016: the signing of the EPC contracts with a consortium of Gamesa and Iberdrola and the closing of the debt financing. The sponsor managed to sign the EPC contracts on October 29th, 2015 and the financing one day later. During that short period, FMO as Mandated Lead Arranger agreed with the sponsor to execute a syndication within the subsequent six months.
GME currently manages a portfolio of several wind farms in Costa Rica, Nicaragua and Honduras and develops concurrently other wind farms in the region. For the maintenance of these wind farms, cranes are used for activities such as inspections, cleaning of blades and for major repairs. During the syndication process, the appetite of new lenders and participants for the Alisios project made it possible to include one small and one heavy-duty crane in the investment budget, which therefore increased to USD 189 million in April 2016.
Mr. Jay Gallegos, CEO of Globeleq Mesoamerica Energy and Alisios, commented upon this final closing: “Our first wind farm PESRL went into commercial operation in 1996 in Costa Rica. We still operate the plant with exceptional availabilities, with annual average wind speeds over 12 meters per second. Since then, we have grown to become the leading wind power company in the region by focusing on certain fundamental principles: greenfield development which allows us to control quality in terms of the technical merits of the projects, best practices in social, environmental, health & safety, regional leadership on policy, ethics and sustainability, and operational excellence. This is possible only because of our competent and committed staff of professionals.
We are very appreciative of our relationship with such high quality international financiers, who provide long term debt funding. I would like to highlight the late stage inclusion of two cranes, which will ensure timely corrective maintenance over the life of the projects. It has been a pleasure to work together to make these projects a reality.”
Mrs. Linda Broekhuizen, CIO of FMO added: “Supporting sponsors with investments in wind farms like Alisios has been part of FMO’s energy strategy for years, supporting job creation and much needed clean and renewable energy in developing countries. The management and teams of GME and Alisios continuously demonstrate their professionalism, commitment and agility to execute their long-term investment plans and day-to-day operations. On behalf of Proparco, OeEB, Triodos Groenfonds and Oikocredit and all our other partners, we are grateful and proud to be associated with the largest wind farm developer in the region.”
About Globeleq
Globeleq is an experienced developer, owner and operator of power projects across emerging markets. The company develops economically sustainable projects that support the continued development of the electric power sector in its target regions. It is wholly owned by Actis Infrastructure Fund 2, a fund managed by Actis. Since the company’s launch in 2002, it has participated in transactions involving nearly 14,000 MWs across 44 different power projects in emerging markets.www.globeleq.com
About Actis
Actis is a leading growth markets investor with a growing portfolio of investments in Asia, Africa and Latin America. It currently has US$7 billion funds under management. Applying developed market disciplines to emerging markets, c. 100 investment professionals across 13 offices identify investment opportunities in private equity, energy and real estate. Since 2002, Actis has deployed in excess of US$1.9 billion in 27 energy transactions, providing energy access to over 65 million people.
Actis delivers consistent competitive returns, responsibly. It does this through insights gained from trusted relationships and local knowledge, deep sector expertise and an unparalleled heritage in growth markets, set within a culture of active ownership. www.act.is
About Mesoamerica
Mesoamerica is a private equity and advisory firm with offices in Costa Rica and Colombia. The firm invests in transformational industries in Spanish-speaking Latin America, with emphasis in Mexico, Central America and the Andean Region. Since 1996, Mesoamerica has invested in multiple industries, including telecom, cable, food service, consumer goods, construction, renewable energy, and BPO, among others. Committed to the development of the region, Mesoamerica considers sustainability as a key element in its investment strategies. Mesoamerica created Mesoamerica Power Ltd. in 2010 to acquire a 30% stake in GME and invest in the renewable power generation industry in Central America. Mesoamerica Power’s investor base includes some of the leading Central American business groups. www.mesoamerica.com
Enquiries:
Mr. Jay Gallegos
Globeleq Mesoamerica Energy (Wind) Limited
T: +506 2228 9300
Email: jgallegos@mesoamericaenergy.com
About FMO
FMO (the Netherlands Development Finance Company) is the Dutch development bank, established in 1970. FMO supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs. FMO believes a strong private sector leads to economic and social development, empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With an investment portfolio of EUR 9.3 billion, FMO is one of the largest European bilateral private sector development banks.www.fmo.nl
Press contact:
Paul Hartogsveld, FMO’s Communications Officer (PR)
T: +31 70 314 9924
E: p.hartogsveld@fmo.nl
About PROPARCO
PROPARCO is the private sector financing arm of Agence Française de Développement (AFD). Its mandate is to promote private investment in emerging and developing countries with the aim of supporting sustainable and inclusive growth. It operates in 80 countries in Africa, Asia, Latin America and the Middle East, and contributes to financing and supporting the projects of companies and financial institutions, with a high level of requirements in terms of social and environmental responsibility. PROPARCO’s action focuses on the key development sectors: infrastructure, especially renewable energies, agroindustry, finance, health, education. At the end of 2015, PROPARCO’s project portfolio stood at EUR 4.5bn.
Press contact:
Fanette Bardin
T: +33 1 53 44 31 49
About OeEB
Oesterreichische Entwicklungsbank AG (OeEB) has been operating as the Development Bank of Austria since March 2008. It specialises in the provision of long-term finance for the implementation of private sector projects in developing countries which create sustainable development. Additionally, OeEB provides technical assistance, which can be used to enhance the developmental impact of projects. For more information, please visit http://www.oe-eb.at
About Triodos Groenfonds
Triodos Groenfonds an open-ended fund for retail investors in The Netherlands with EUR 668 million assets under management (as per the end of April 2016). Based on a Dutch tax scheme, Triodos Groenfonds invests at least 70% of assets under management in projects that are approved as "green" by the Dutch government. Triodos Groenfonds is one of the sustainable funds of Triodos Investment Management, a globally active impact investor with EUR 3.1 billion assets under management (as per the end of 2015). Triodos Investment Management hasbuilt up in-depth knowledge throughout 25 years of impact investing in sectors such as Energy & Climate, Inclusive Finance, Sustainable Food & Agriculture, Arts & Culture, and Sustainable Real Estate. It also invests in listed companies with an above-average environmental, social and governance (ESG) performance. www.triodos.com
About Oikocredit
Oikocredit is a worldwide cooperative and social investor, providing credit and equity to microfinance institutions and directly to trade cooperatives, fair trade organizations, renewable energy projects and small to medium enterprises (SMEs) in developing countries. Oikocredit’s strategic focus areas are inclusive finance, agriculture, renewable energy and Africa. Oikocredit has a development financing portfolio totalling € 911 million, invested across 70 countries worldwide. Oikocredit is privately financed through the investments of 51,000 individuals and organizations offering a positive triple bottom line to investors: social, environmental and financial. www.oikocredit.coop
