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

Cranmore interview with WGEO

by Meishi

Yusuf speaks to the World Green Energy Organization on how the renewable energy sector requires re-prioritisation and how Cranmore may support green projects through the WGEO Private Sector Platform. He also touches on the current oil price environment and how it will impact the region’s green economy transition.

See the interview here:

 

Favorable Winds – Cranmore Article on PFI

by Meishi

Cranmore team members Nick Sinden (Executive Director) and Meishi Tan (Senior Associate) released an article in Project Finance International Magazine in relation to the successful financial closing of Dumat Al Jandal wind IPP, the first wind farm of Saudi Arabia. Cranmore was financial advisor to the Masdar-EDF sponsor consortium. Dumat al Jandal’s winning bid at levelised electricity cost (LEC) of US$21.3/MWh represents one of the lowest tariffs globally for any wind IPP to date, and moreover punches in at below the world-record US$23.6/MWh solar tariff for its sister project, the 300MW Sakaka PV IPP. In the article, we discuss perspectives on the technology, tariff structure, risk allocation, and financing.

Read the article below on the PFI website:

https://www.pfie.com/story/2171415/favourable-winds-dumat-al-jandal-l8n28j3xq

https://edition.pagesuite-professional.co.uk/Launch.aspx?EID=5308454e-da59-4325-acbb-cfa5c089c93f

Cutting Edge Desal – Cranmore Article on PFI

by Meishi

Cranmore team members Richa Prasad (Partner) and Meishi Tan (Senior Associate) have published an article on Project Finance International following the closing of Shuqaiq 3 IWP, a landmark seawater desalination project in Saudi Arabia on which Cranmore was financial advisor to the Marubeni-led sponsor consortium. Leap-frogging traditional thermal desalination entirely, Shuqaiq 3 IWP utilises cutting edge reverse osmosis technology to increase the cost-effectiveness and to reduce the high carbon footprint traditionally associated with seawater desalination. In the article, we discuss how the the project is structured including the tariff model, risk allocation, and the resultant impact on financing.

The article can be read on the PFI website or downloaded as a PDF attachment from the following links:

https://www.pfie.com/story/1586121/shuqaiq-iwp-cutting-edge-desal-vbsz97hh7h

https://edition.pagesuite-professional.co.uk//launch.aspx?eid=d16acbd6-7d00-4590-97b5-b171a7027fdf

PFI Global Infra Report Shuqaiq Article