Dii Desert Energy

by Meishi

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.

100MW Nur Navoi Scaling Solar Project Reaches Financial Close

by Meishi

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

Cranmore Partners CITIES Program

by Meishi

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.

https://lnkd.in/dRiy249

Cranmore welcomes Orhan Tanrıverdi and Emre Bildirici

by Meishi

Cranmore is delighted to welcome Orhan Tanrıverdi and Emre Bildirici to the team.

Prior to joining Cranmore Partners, Orhan led the Acquisition Finance Desk under the Project & Acquisition Finance department of Garanti BBVA covering the leveraged buyout transactions, all project finance transactions in sectors other than energy and infrastructure, and all corporate syndication transactions. He also has strong track record in financial restructurings, debt underwriting and arranging, project and acquisition finance, documentation, and negotiation. He will be developing our growing presence in Turkey and will be supporting our transactions within the region.

 

 

Prior to joining Cranmore Partners, Emre led the Corporate Finance department at Enerjisa Uretim (largest IPP in Turkey) where he was responsible for the company’s project finance loans, loans refinancing, cash management, and bank relationships. Prior to that, he worked as Corporate Finance Manager of the M&A Energy Desk at Garanti BBVA Securities. Emre has strong expertise in financial structuring, underwriting, arranging, both LMA & Turkish Law documentation, financial modeling, corporate finance, and mergers & acquisitions across technology classes. Emre will be supporting our growing presence in Turkey and also helping our transactions within the region.

Knowledge Partner to the Green Energy Future Central Asia Virtual 2020

by Meishi

We are delighted to announce that Cranmore Partners was Knowledge Partner to the Green Energy Future Central Asia Virtual 2020 (21-22 October). Yusuf Macun, Nick Sinden, and Meishi Tan presented in two separate sessions on the development and financing of solar and wind in the region, bringing to the table our experience from our work in the region to date.

Find out more from the link below:

https://www.centralasia.greenenergy-future.com/

Welcome Kaan Başaran to Cranmore

by Meishi

Cranmore is delighted to welcome Kaan Başaran to the team. Kaan is joining Cranmore from KPMG Turkey, where he was Manager in the Deal Advisory team. He has financial advisory and modelling experience in various sectors in Turkey, including power and utilities and social & infrastructure PPPs. He will be part of our growing team in Turkey and will be supporting our transactions within the region.

Interview with a leading business daily gazette (Dünya) in Turkey

by Meishi

Cranmore Managing Partner Yusuf Macun was interviewed by Dünya, a leading business daily gazette in Turkey. In the interview, he discusses the recent successful closure of EUR 650m Enerjisa refinancing, Cranmore’s growing presence in Turkey, his views in relation to the Turkish economy, as well as the essential building blocks for a bankable project in the country.

Link provided below for the full interview (in Turkish):

https://www.dunya.com/finans/haberler/dogru-yatirimciya-dogru-noktadan-gidilirse-para-gelir-haberi-485193

Fujairah 3, Latest Tech IPP – Cranmore Article on PFI

by Meishi

Cranmore principals Yusuf Macun (Managing Partner) and Richa Prasad (Partner) have published an article on Project Finance International following the closing of the Fujairah 3 IPP. The project exemplifies how gas-fired IPPs can remain competitive even with record-low prices in renewables. In the article, we discuss key parameters of the project and the key learnings from successfully reaching financial close in the midst of the Covid-19 pandemic.

The article is available on the PFI website or downloaded as PDF from the following links:

https://www.pfie.com/story/2551279/fujairah-3-latest-tech-ipp-l8n2gn01e

Fujairah 3 – PFI Article

Cranmore Partners advises Enerjisa on its EUR650m financing

by Meishi

We are proud to announce that Cranmore Partners acted as exclusive and sole financial adviser to Enerjisa Uretim A.Ş. (“Enerjisa”), the largest independent power producer in Turkey, with an operating installed capacity of 3,607MW across 21 assets, on its EUR650m refinancing. The refinancing, the largest financing to date in 2020 in the power sector in Turkey, marks a significant milestone for Enerjisa as a transition from a highly structured, sponsor-supported project finance portfolio, to an unsecured corporate-style loan without sponsor support.

The refinancing, also the largest sustainability-linked loan in Turkey to date, was implemented with the participation of 6 local and international banks (and, where applicable, their subsidiaries), and paves the way for Enerjisa’s growth through potential investments in renewable energy in Turkey. It consists of a EUR-denominated single tranche amortising club term loan.

“We are delighted with Cranmore’s support in making such a transformational financing possible despite the challenging global environment”, said Ihsan Erbil Bayçöl, CEO of Enerjisa. “It was an honour supporting Enerjisa in such a strategic financing, which furthermore demonstrated Cranmore’s value contribution in complex innovative transactions”, said Yusuf Macun, Managing Partner of Cranmore.

Enerjisa Press Release

Abu Dhabi Fujairah 3 IPP reaches financial close

by Meishi

We are proud to announce that Cranmore Partners has acted as sole and exclusive financial adviser to Marubeni Corporation on its successful bid and closing of the 2,400MW Fujairah 3 IPP in the UAE.

This transaction achieves several landmarks, not the least of which is a fast-track closing process post award, with Japan Bank for International Cooperation and a club of commercial banks, for close to USD1bn of senior debt despite the current Covid context, with cutting edge efficiency turbine technology.

We would like to express our gratitude to our client, EWEC and our bank group.

Thumbnail photo credit: Energy & Utilities