Structured Finance Department Who we are An excellent structured - - PowerPoint PPT Presentation

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Structured Finance Department Who we are An excellent structured - - PowerPoint PPT Presentation

Jul 09, 2023 285 likes •422 views

Structured Finance Department Who we are An excellent structured financier in the local market The Structured Finance Division consists of a team Transport of 15 seasoned project finance professionals active in the origination, structuring,

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Structured Finance Department

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▪ The Structured Finance Division consists of a team

  • f 15 seasoned project finance professionals active

in the origination, structuring, and completion of non-recourse financing for the entire Alpha Bank group.

▪ The current structured finance portfolio is well

diversified geographically as well as across the three key sectors of infrastructure, energy and real estate

▪ Structured finance team currently manages a

portfolio of > € 1bn in project finance transactions

Who we are

Transport Energy PPP, PFI Real Estate

An excellent structured financier in the local market

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Who we are

Transport PPP

An excellent structured financier in the local infrastructure market – selected recent milestone transactions

  • T
  • RANSACTION
  • A
  • DVISORY
  • S
  • This announcementappears as a matter of record only.
  • Saudi
  • Aramco
  • Joint Venture Funding
  • US$9.8bn
  • Saudi Aramco.
  • T

Egnatia Odos Privatisation Exclusive Financial Advisor

  • T
  • RANSACTION
  • A
  • DVISORY
  • S
  • This announcement appears as a matter of record only.
  • Saudi
  • Aramco
  • Joint Venture Funding
  • US$9.8bn
  • Saudi Aramco.
  • T

Peloponnese 200ktn MBT Waste Management PPP €80m Ongoing Financial Advisor – Mandated Lead Arranger

  • T
  • RANSACTION
  • A
  • DVISORY
  • S
  • This announcementappears as a matter of record only.
  • Saudi
  • Aramco
  • Joint Venture Funding
  • US$9.8bn
  • Saudi Aramco.
  • T

14 Regional Airports €965m 2017 Financial Advisor – Mandated Lead Arranger & Co-ordinator

  • T
  • RANSACTION
  • A
  • DVISORY
  • S
  • This announcement appears as a matter of record only.
  • Saudi
  • Aramco
  • Joint Venture Funding
  • US$9.8bn
  • Saudi Aramco.
  • T

Ipirus 105ktn MBT Waste Management PPP €50m 2017 Financial Advisor – Mandated Lead Arranger

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SLIDE 4
  • T
  • RANSACTION
  • A
  • DVISORY
  • S
  • This announcementappears as a matter of record only.
  • Saudi
  • Aramco
  • Joint Venture Funding
  • US$9.8bn
  • Saudi Aramco.
  • T

Who we are

Energy

An excellent structured financier in the local infrastructure market – selected recent milestone transactions

  • T
  • RANSACTION
  • A
  • DVISORY
  • S
  • This announcementappears as a matter of record only.
  • Saudi
  • Aramco
  • Joint Venture Funding
  • US$9.8bn
  • Saudi Aramco.
  • T
  • T
  • RANSACTION
  • A
  • DVISORY
  • S
  • This announcementappears as a matter of record only.
  • Saudi
  • Aramco
  • Joint Venture Funding
  • US$9.8bn
  • Saudi Aramco.
  • T
  • St. George Wind Park

73,2MW €125m 2016 Mandated Lead Arranger Kafireas Wind Parks 154MW €230m Ongoing Mandated Lead Arranger

  • T
  • RANSACTION
  • A
  • DVISORY
  • S
  • This announcementappears as a matter of record only.
  • Saudi
  • Aramco
  • Joint Venture Funding
  • US$9.8bn
  • Saudi Aramco.
  • T
  • T
  • RANSACTION
  • A
  • DVISORY
  • S
  • This announcementappears as a matter of record only.
  • Saudi
  • Aramco
  • Joint Venture Funding
  • US$9.8bn
  • Saudi Aramco.
  • T

DESFA Privatisation Ongoing Financial Advisor

  • T
  • RANSACTION
  • A
  • DVISORY
  • S
  • This announcementappears as a matter of record only.
  • Saudi
  • Aramco
  • Joint Venture Funding
  • US$9.8bn
  • Saudi Aramco.
  • T

Vermio Wind Park 44 MW €52m 2018 Mandated Lead Arranger Goritsa Aiolos 33MW €33m 2016 Mandated Lead Arranger Trikorfo Wind Parks 19MW €30m 2018 Mandated Lead Arranger

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Our energy desk

Experience Diversified direct sector experience having structured tailor made financings for:

◼

CCGT

◼

Lignite,

◼

Wind,

◼

Cogen

◼

Solar,

◼

Hydro projects Dedicated very experienced team of 4 professionals We have arranged and/or participated in syndicated/bilateral energy project finance transactions of more than total €3billion value / 5 GW capacity

Maintain strong long term relationships with key players

  • T
  • RANSACTION
  • A
  • DVISORY
  • S
  • This announcementappears as a matter of record only.
  • Saudi
  • Aramco
  • Joint Venture Funding
  • US$9.8bn
  • Saudi Aramco.
  • T
  • Currently (2018) we are arranging new >500 MW

transactions for Enel, Terna, Eren and other key market participants

  • Excellent relationships with all development banks

active in the country (EIB, EBRD, IFC)

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SLIDE 6

SPV Lenders Sponsors O&M BoP Consumers Offtaker

Structuring Simplified contractual arrangement

WTG Suppliers Negotiation Finance Documentation Conditions Precedent Due Diligence

Our Approach

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Energy Market Penetrations

Total Production and Net Imports in the Interconnected System Lignite; 16.387; 31% Natural Gas; 15.397; 30% Large Hydro (>15MW); 3.457; 7% Other; 1; 0% RES HV; 5.835; 11% MV/LV Grid (mostly RES); 4.730; 9% Imports; 6.237; 12%

Production & Int'ctions 2017 (in GWh)

Large Hydro; 3.169; 18% Lignite; 3.912; 22% Gas ; 5.245; 30% RES/Cogen; 5.266; 30%

Installed Capacity in MW (Int'cted System 2017)

Interconnected System - Installed Capacity Breakdown

  • Installed capacity of RES technologies’ is

increasing

  • Since 2008 lignite participation dropped from

>52% to 31%

  • Gas participation slightly increased from 23% to

30%

  • Relatively stable large hydros participation
  • RES penetration from 4% to 20%

10-year trend (since 2008)

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Our focus in energy financing for 2018 – 2019 (1)

Although we are closely monitoring all technologies, we are focusing on wind energy:

  • Mature technology (wind)
  • Experienced market players (sponsors, BoP, banks, state)
  • “Fair” IRR returns
  • Installed capacity still lagging targets hence expansion support is expected to

continue

  • RES Market conditions have improved dramatically during the past 18 months;

auctions should promote efficiency and sustainability further

RES / Wind Energy

Installed Capacity Targets Deviation in MWs

  • Dec. 2017

Achievement 2014 Target 2020 Target Hydros 3.399 3.700 4.650 Small (0-15MW) 230 300 350 Large (>15MW) 3.169 3.400 4.300 PVs 2.229 1.500 2.200 agri-PVs 287 500 750 Other 1.942 1.000 1.450 Solar Thermal 120 250 Wind 2.625 4.000 7.500 Biomass/Biogas 61 200 350

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Our focus in energy financing for 2018 – 2019 (2)

  • Renewables and especially Wind has proven an extremely resilient sector
  • Close to zero NPL in local banking market for wind projects

RES / Wind Energy

RAE's Opinion (Feb. 2018) Year Technology Max Tendered Capacity (MW) Max Ref. Price PVs 300 80€/MWh if >1MW // 85€/MWh if <1MW 2018 Wind (>3MW but <50MW) 300 90 €/MWh Pilot Common Tech.* 400 PVs 300 + previous remaining 2019 Wind (>3MW but <50MW) 300 + previous remaining weighted average of previous bid(s) Pilot Common Tech.* 400 + previous remaining PVs 300 + previous remaining 2020 Wind (>3MW but <50MW) 300 + previous remaining weighted average of previous bid(s) Pilot Common Tech.* 400 + previous remaining *PV>10MW/Wind >50MW

We have identified a strong international interest in the wind sector in Greece

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Our Concerns - Market Viability & Sustainability

  • RES Levy

(special account)

  • Energy Market

Rate Consumers

  • Pass-through

payment Electricity Power Suppliers

  • Electricity Market

Operator (LAGIE)

  • Transmission

Operator (ADMIE) Clearing Houses

  • Settlement

RES Producers

  • The Special RES Account funding sources mainly

are:

  • RES Levy (42%)
  • Suppliers Levy (19%)
  • SMP (23%)
  • Other (16%)
  • Market Operator (Offtaker / HTSO / LAGIE) payment

delays reduced in 2017 mainly as a result of (ADMIE) sale

RES Account

▪

PPC’s liquidity condition PPC

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Our Concerns - Market Viability & Sustainability

▪

Limit price subsidies ensures long term viability

▪

Auctions should promote efficiency and sustainability through lower (but fair and sustainable) prices

0.000 0.020 0.040 0.060 0.080 0.100 0.120 ΟΤΣ

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Our Concerns - Market Viability & Sustainability

▪

Heavily regulated under the scrutiny of SSM / ECB

▪

Satisfactory (but expansive) liquidity of Greek banks

Local Banking Market

Appetite for providing long term project financing for the development of new wind parks

but

▪

Market participants and the regulator should work towards a smooth market operation

▪

RES account deficit and payment delays have been improved but still producers from the (PV) pilot programme have not been paid yet!!!!

▪

Avoid cannibalization of the market – financial structures will be pushed to riskier profiles