Cranmore Partners, together with Shearman & Sterling LLP, organised a green hydrogen seminar on 27th October 2022 at Korea Trade Insurance Corporation (Ksure)’s premises.
This included presentations by Yusuf Macun, Manging Partner, Cranmore, and Anna Chung, Partner, Shearman & Sterling.
The event was attended by top Korean corporates gearing up to accelerate energy transition in South Korea.
Cranmore thanks KSure and Shearman Sterling for their support.
Cranmore Partners is delighted to welcome Junghyun Jun (JJ) as Executive Director, based in Seoul. Formerly from BNP Paribas, HSBC and KEPCO, a veteran project financier, and more recently an offshore wind specialist, JJ brings a wealth of experience and relationships with all relevant companies in the region and South Korea in particular, in addition to Korean ECAs.
Cranmore Partners is proud to have acted as sole and exclusive financial adviser to Masdar (Abu Dhabi Future Energy Company) for the financing of the 500MW Zarafshan wind farm in Uzbekistan.
This transaction is the first wind IPP in Uzbekistan and the largest Asian onshore or offshore limited-recourse wind IPP financing to have signed in 2022 to date.
It is also the first limited-recourse project financing ever where Etihad Credit Insurance (ECI) , the export credit agency of the UAE, has provided cover. The remainder of the financing is being provided by Asian Development Bank (ADB), EBRD, FMO – Dutch entrepreneurial development bank, IFC – International Finance Corporation and Japan International Cooperation Agency (JICA) – each under exceptionally competitive terms.
The project will help Uzbekistan reach its target of generating 25% of its power from renewable sources and will produce sufficient electricity to power half a million homes when operational.
This landmark transaction builds on Cranmore’s market leading advisory track record on first of a kind transactions globally, among others in emerging markets and on energy transition. It is also the second renewables IPP closed by Cranmore in Uzbekistan, following on from the 100MW Nur Navoi Scaling Solar PV IPP in 2020 – the first IPP and PPP financing in the country.
Cranmore Partners is proud of and thankful to Masdar, the Government of Uzbekistan, and the lenders on the transaction for their continued trust.
Rakiza, Oman’s infrastructure fund, managed by a joint venture fund established by Oman Infrastructure Investment Management and Equitix, has reached financial close on its acquisition of 31.25% stake in Oman International Container Terminal (OICT) from existing shareholders.
OICT is a modern container handling facility situated in the Port of Sohar that is capable of accommodating the latest generation of mega-vessels, and is an integral part of Oman’s economic engine. This transaction constitutes Rakiza’s inaugural investment.
Cranmore Partners is proud to have acted as financial adviser to Rakiza on this transaction.
Cranmore Partners is proud to be named IJGlobal’s ESG Financial Adviser of the Year.
At Cranmore Partners we live and breathe our commitment to energy transition and best practice governance continuously. We are therefore particularly proud of this recognition by our peers in the judging panel of IJGlobal’s ESG Awards. We would like to express our gratitude to our clients who have made this possible with their landmark transactions – most particularly Masdar (Abu Dhabi Future Energy Company) through Nur Navoi, the first renewable IPP in Uzbekistan, and Enerjisa Üretim, for the largest sustainability linked financing in the energy sector in Turkey.
IJGlobal official press release: IJGlobal – IJGlobal ESG Financial Adviser of the Year – Cranmore Partners
Cranmore Partners (“Cranmore”) and Energy Estate are excited to launch the Hydrogen Investability Index (H2i). H2i is the first international country ranking of its kind in the hydrogen space and provides an in-depth analysis and ranking of the top 40 countries in terms of attractiveness for investment for low emission hydrogen projects. Each country’s ranking is based on a comprehensive assessment of investability, regulatory support, renewable resources, transportation and storage infrastructure, local
demand and energy security.
Many of the world’s leading economies see investment in green energy as a key component of their strategy to revive and revitalize their economy post-pandemic and meet their net zero goals. This index seeks to give investors and other stakeholders a deeper understanding of the attributes of different countries and the factors which will influence investment flows and project development timelines.
“The global energy transition presents an unparalleled opportunity for investors. Green hydrogen has the potential to rapidly replace fossil fuels at scale and complement greater levels of electrification. We have developed this index to provide clarity on the key drivers for investment in clean hydrogen”, said Yusuf
Macun, Managing Partner at Cranmore.
“This index will accelerate the development of the hydrogen industry by giving investors greater visibility to the factors which encourage investment. The top 10 countries have already demonstrated real commitment to the growth of the market. What is exciting for us is the global reach of green hydrogen with such a wide spread of countries already performing well in the ranking.” said Simon Currie, Principal at Energy Estate.
H2i Country Ranking (October 2021)
For further information please refer to our website https://www.H2-index.com
Download the full press release.
Cranmore is delighted to announce the joining of Yigit Arslancik as Partner to Cranmore Partners.
Yigit brings a wealth of investment banking experience and track record through a 22-year career in the US, UK, UAE and Turkey with Citigroup and HSBC. He was most recently Head of Wholesale Banking, Assistant General Manager for HSBC Turkey; and prior to that, was Co-Head of Global Banking for the GCC region with HSBC.
Yigit will lead our M&A and Corporate Finance offering, an area where we see tremendous growth potential across the EMEA region.
Cranmore Partners is delighted to announce its joining of the MENA Hydrogen Alliance as an Associated Partner.
The MENA Hydrogen Alliance is an initiative launched by Dii Desert Energy in 2020 to bring together stakeholders, including the public and private sectors and academia, on the topic of green hydrogen and its relevance to the region. In its most recent meeting in May 2020, it hosted a discussion with key stakeholders in Europe on the topic of fostering a regional partnership between Europe, North Africa and the Middle East to accelerate the deployment of green hydrogen projects and local value chains.
Cranmore is excited to be joining as a collaborator and content provider at this pivotal point, as a new chapter for energy in the Middle East and North Africa begins.
Cranmore Partners Ltd is proud to have been the sole and exclusive financial adviser to Masdar on its successful bid and closing of the 100MW Nur Navoi Solar PV IPP in the Republic of Uzbekistan.
The project is a landmark transaction for the country, being its first-ever independent power plant and first-ever financed project under a public-private partnership (PPP) framework. The country has ambitious plans to build 8 GW of new renewable generating capacity by 2030, as well as other power and infrastructure projects under PPP structures.
The project was tendered by the IFC under its Scaling Solar programme and was the platform’s first such tender outside of Africa. Nur Navoi is notable for both the lowest-ever tariff achieved amongst Scaling Solar projects to date as well as the shortest time taken from bid submission to Financial Close.
The USD 120m project was approximately 50-50 financed by IFC and ADB as senior lenders and EBRD as equity bridge lender. Funds from IFC were provided in the form of an A Loan and blended financing from the Canada IFC Blended Finance Program, and funds from ADB in the form of an A Loan and a fixed-rate tranche under the Canadian Climate Fund for the Private Sector in Asia II. The IFC provided interest rate hedging and the World Bank IBRD a six-month partial risk guarantee underwritten by Natixis.
As Cranmore, we were able to utilise our in-depth experience of financing emerging market power projects and other projects in Uzbekistan to support Masdar in winning and successfully closing this project. We would like to express our gratitude to Masdar, the Uzbek Government and the Lenders for bringing the project to a successful outcome.
Image credit: Masdar
As part of Cranmore Partners’ not-for-profit initiatives, we are privileged to be supporting New York University Abu Dhabi and its CITIES Center for Interacting Urban Networks in creating the Cranmore Partners CITIES Program.
Rapidly evolving cities, such as those in the UAE, and their growing need for mobility, energy, water, and other scarce resources demand new sustainable approaches for the design, development, and management of urban networks. CITIES is an interdisciplinary research center dedicated to advancing urban science and promoting cutting-edge research that foster more sustainable, resilient, and equitable cities.
We are excited to announce that the four initial topics and young talents for our program have been selected. Ideas range from an environmental alternative to cement created from desalination by-products, to the utilisation of AI in supporting clinical decision makers in the prescription of antibiotics to patients with specific health risks.
You can find details in the link below.