power

dodson lindblom
hydropower / india

First Private Hydropower Project in India

Delphos International acted as advisor to Dodson-Lindblom International ("DLI") to help in raising $10 million in project financing for a 12 MW rehabilitation project in the State of Maharashtra near Mumbai, India. This was the first private hydropower project in India. By installing a new turbine and generator with greater capacity, the facility will produce more than 40 million kilowatt hours of electricity each year for sale under the take-or-pay power purchase agreement. Delphos International worked with OPIC to characterize the project as an "expansion" in order to structure and arrange financing for 75% of the total project costs. This debt package was provided by OPIC and the Indian Renewable Energy Development Agency (IREDA). Remaining project costs were financed by $3 million of equal equity contributions from DLI and its passive investment partner, a Michigan pension fund.

aes maritza east 1
power / bulgaria

Project Finance Magazine's Deal of the Year 2005

Delphos InternationaI served as a financial advisor to the AES Corporation on this greenfield, lignite-fired project with installed capacity of 670 MW. Total project costs approximate Euro 1.1 billion, of which Euro 750 million was provided in the form of limited recourse senior debt with the remainder as sponsor equity. The project benefits from a 600 MW PPA with NEK, Bulgaria's state-owned transmission grid company but there is no sovereign guarantee in favor of the lenders. Rather, the Bulgarian government has only issued a comfort letter. The project is one of the largest foreign direct investments in Southeast Europe. The lenders/guarantors include the European Bank for Reconstruction and Development, the Multilateral Investment Guarantee Agency, COFACE, Hermes, Calyon, ING, and BNP Paribas.

ormat
power / philippines

One of ExIm Bank's First Project Financings

As financial advisor to Ormat, Delphos International utilized a TDA feasibility study to arrange two US Ex-Im Bank Mixed Credit facilities (a tied-aid structure consisting of 65% loan and 35% USAID grant) for two geothermal projects in the Philippines (Mak Ban and Bacon Manito). On a parallel track, Delphos International arranged a Ex-Im Bank project financing of $173 million for a 125MW geothermal project located in the Leyte Geothermal Field (Upper Mahiao) in 1995. In 1997, Delphos International arranged a second Ex-Im Bank project finance facility of $50 million for a follow-on optimization project at the Leyte Geothermal Field. MIGA insured Ormat International's equity investment against political risks for these projects.

aes argentina
power / argentina

Project Finance Magazine's Deal of the Year 1999

Delphos International was co-advisor to PSEG Global Inc. and The AES Corporation in developing the first merchant power plant in an emerging market to be financed on a limited recourse basis. A total of $214 million was obtained to finance the 826MW power plant that was the recipient of Project Finance magazine's Latin American Deal of the Year in 1999. Delphos International arranged a senior debt facility provided by the IDB, JBIC, and EID-MITI of Japan. A major portion of the senior debt came from a B-loan syndication of commercial banks led by West LB, ING Bank, and Bank of Tokyo-Mitsubishi.