Our work

Below a list of representative case studies led by Kim.  Contact us to learn more about Kim and Katia's work.

Realised electricity market forecasts for PV and wind projects in Spain and Portugal, Various (2018-). In collaboration with EKON Strategy Consulting, preparing baseload price forecasts and realised prices for PV and wind assets on a quarterly basis.  Results summarised in the EKON Off-The-Shelf ("OTS") reports.

Post-WPA assessment to support IPO for Barka IV IWP in Oman, Barka Desalination Company (2019-2022). Prepared long-term dispatch and capacity expansion analysis to allow potential IPO investors to take a view on the post-WPA cash flows of the 281,000 cubic meters per day (62 MIGD) Reverse Osmosis-based desalination project.  Since the project was awarded a 20-year Water Purchase Agreement (“WPA”) and it can be expected to have an operational lifetime of more than 30 years, there is a potential revenue stream that can be captured by the project even after its offtake agreement expires.  After a delay, the IPO was launched in February 2022. The Phase I of the IPO, managed by Bank Muscat, was oversubscribed 4.83 times.  See link for more information.

Strategic review and sell-side support for RES portfolio in Spain, Alberta Investment Management Corporation ("AIMCo") (2021). In collaboration with EKON Strategy Consulting, provided our latest Spanish baseload and PV and wind capture price forecasts and accompanying quarterly OTS report and additional bespoke advice to support ongoing strategic assessment of the client's existing PV and wind projects and development pipeline.  Alberta Investment Management Corporation, ("AIMCo") announced the sale of it's 97.33% ownership stake in Eolia Renovables de Inversiones, S.C.R., S.A ("Eolia") to ENGIE SA and Crédit Agricole Assurances on 11 November 2021.  Eolia manages an 899MW renewable energy portfolio falling under Spain's Specific Remuneration (FIT) regime and has a 1.2GW pipeline of new projects.

Strategic options for CCGT in Spain, Confidential (2021). In collaboration with EKON Strategy Consulting, prepared spot, ancillary service and capacity market price forecasts to support the client's strategic assessment of its 800MW CCGT located in the north of Spain. Also prepared a route-to-market as the project comes off a long-term gas-to-power tolling agreement.

Tariff and realised price assessment of rooftop PV company in Singapore, Confidential (2021). Prepared a power market study to provide the client with baseload and realised price forecasts for PV projects and reference retail tariffs to support their evaluation of the target company's Singaporean business.

Residual valuation of Manah PV IPP in Oman, Confidential (2021). Supported the preparation of the client’s bid for the 600MW Manah photovoltaic ("PV") project being tendered by the Oman Power and Water Procurement Company (“OPWP”) by preparing a post-PPA assessment of the project.  The project is due to sell its output under a long-term Power Purchase Agreement (“PPA”) on a Build Own Operate (“BOO”) basis which will expire after 20 years.  Since the project can be expected to have an operational lifetime of at least 30 years, quantified the potential revenue stream after the original offtake agreement expires.

Review of REC market in South East Asia, Leader Energy (2021). Reviewed sell-side materials provided by the seller, shared views on Renewable Electricity Certificate ("REC") opportunities in Singapore and southeast Asia, and provided a sanity check on the target’s proposed project pipeline growth.  Leader Energy announced the successful acquisition of LYS Energy on 28 September 2021.

Multi-country review and assessment in Middle East, Africa and Asia, Confidential (2021). In collaboration with FTI-Lexecon Compass, prepared power and water market overviews for Kuwait, Saudi Arabia, Morocco, Egypt, South Africa, Turkey, Pakistan, Israel, Kazakhstan, Azerbaijan, Uzbekistan, Nigeria, Algeria, Ethiopia, Tunisia, and Mozambique to identify future I(W)PP opportunities and support the client's strategic objectives.

Buy-side support for acquisition of PV portfolio in Spain, Pioneer Point Partners (2021). In collaboration with EKON Strategy Consulting, provided baseload price forecasts and realised prices to support buy-side of various PV projects in Spain.  In 27 May 2021, the client announced it was committing €60 million to the newly created Altano Energy, a platform company with the strategic objective of building a large-scale institutional renewable portfolio in Spain. The initial investment will be used to acquire including two ready-to-build projects in the Castilla La Mancha region with generating capacity of 64MW and a further 150MW project in Valladolid.

Post-PPA assessment to support buy-side for PV and wind projects in Jordan and Egypt , Confidential (2021). Supported bidder by preparing an assessment of the residual value of 400MW of wind and PV assets in Jordan and Egypt.  Since the projects can be expected to have an operational lifetime of at least 30 years, there is a potential post-PPA revenue stream that can be captured by the projects.

Financing of rooftop PV portfolio in Singapore, UOB and DBS Bank (2020-2021). Prepared a power market study to provide United Overseas Bank (“UOB”) and DBS Bank with baseload and realised price forecasts for PV projects in Singapore to support the financing of a portfolio of up to 102 MWp of rooftop PV projects being developed by SolarNova 4 Beta Assets Pte. Ltd, part of the Sunseap Group. The SGD85.8 million (USD64 million) loan was announced on 1 November 2021. Sunseap's press release here.

PV sell-side support in Spain, Grupotec (2020-2021). In collaboration with EKON Strategy Consulting, provided baseload price forecasts and realised prices to support sell-side of various PV projects in central and southern Spain. On 22 September 2021 Grupotec announced the sale of a 473MW portfolio to Glennmont Partners from Nuveen.  The projects will be built over the next three years by Grupotec who will also provide operation and maintenance services on behalf of Glennmont.

Post-PWPA support to Sojitz Corporation on acquisition of an interest in Mirfa International Power and Water Company (MIPCO) in UAE, Confidential (2020-2021). The 1.6GW and 52.5MIGD Mirfa Independent Water and Power Project (“IWPP”), located in the Al Dhafra region of Abu Dhabi, achieved COD in October 2017 and sells its output to the Emirates Water and Electricity Company (“EWEC”) under a 25-year Power and Water Purchase Agreement (“PWPA”) on a Build Own Operate (“BOO”) basis.  K4K prepared post-PWPA assessment to support the buy-side bid for a 20% minority stake in the IWPP.  Sojitz announced the successful acquisition of the equity interest in MIPCO from SHUAA Capital on 6 May 2021.


Post-PPA assessment of PV and wind portfolio in Ukraine, Panama and Peru, Confidential (2020-2021). The client was evaluating a number of renewable investment targets in various jurisdictions.  Quantifying the economic viability of the targets after the expiry of their offtake agreements and preparing price forecasts on an as needed basis.

Post-P(W)PA analysis of existing and new I(W)PPs in UAE, Confidential (2019-2021). In collaboration EMRC, prepared long-term electricity and water dispatch and capacity expansion analysis.  The deliverables will include parameters for a new PPA and WPA which could be used in the client's negotiations with EWEC.

Options to accelerate clean energy investments in the  Philippines, Climate Smart Ventures (2020-2021). Provided a Luzon market study to establish PV potential to replace coal-fired plant, discussed issues, bottlenecks and potential solutions. Recommendations were summarised in a jointly-prepared presentation.

Preparation of Market Report to support IPO of ACWA Power in Middle East, Africa and Asia, ACWA Power (2020). In collaboration with FTI-Lexecon Compass, prepared market overviews for all countries where ACWA operates and post-PWPA methodology which were to be included in the IPO prospectus. The IPO prospectus was published in September 2021 and the IPO completed successfully in October 2021.

Hydro optimisation model for WESM in the Philippines, Scatec Solar (2020). In collaboration with Wood Mackenzie, prepared hydro optimisation model to forecast value of stored water across energy and ancillary service markets in the WESM to support the client's successful bid for four hydro plants of Magat, Maris, Ambuklao and Binga, totalling some 633.5MW.

Realised electricity market price forecasts to support sale of PV portfolio in Spain, X-ELIO (2020). In collaboration with EKON Strategy Consulting, provided sell-side price forecasting exercise to be used by the client to support the sale of a 572MW PV portfolio in Spain.  The sale to China Three Gorges was announced in August 2020.

Post-PPA assessment of IPP in Saudi Arabia, Confidential (2020). The CCGT project operates under Power Purchase Agreement (“PPA”) on a Build Own Operate (“BOO”) basis with original contract term of 20 years.  Since the project can be expected to have an operational lifetime of 30 years, prepared post-P(W)PA assessment of the project to support an ongoing internal strategic review.

 

Post-PPA assessment to support IPOs for Ibri and Sohar 3 IPP in Oman, Shinas Generating Co. (Sohar 3) and Ad-Dhahirah Generating Co. (Ibri) (2019-2020). Preparing long-term electricity dispatch and capacity expansion analysis to allow potential IPO investors to take a view on the residual cash flows of the gas-fired CCGT-based 1,744MW Sohar III and 1,539MW Ibri IPPs.  Since the contractual framework is similar to those used in other IPPs based around a 15-year Power Purchase Agreement (“PPA”), in this case ending in 2034, and each project can be expected to have an operational lifetime of more than 30 years, there is a potential revenue stream that can be captured by the project even after its offtake agreement expires. The operation was put on hold in 2020.


Residual valuation of PV projects from 2nd round of NERP tender in Saudi Arabia, Confidential (2019-2020). Supported the preparation of the client’s bid for the PV projects being tendered as part of the second round of the Saudi National Renewable Energy Program ("NREP") by the Renewable Energy Project Development Office (“REPDO”).  The Al Faisaliah, Jeddah, Rabigh and Qurayyat are expected to sell their output to under a 25-year Power Purchase Agreement (“PPA”) on a Build Own Operate (“BOO”) basis.  Since each Project can be expected to have an operational lifetime of up to 40 years, quantified the potential revenue stream after the original offtake agreements expire. 

Financing of rooftop PV portfolio in Singapore, UOB Bank (2019-2020). As part of the financial due diligence, prepared a power market study to provide United Overseas Bank (“UOB”) with baseload and realised price forecasts for rooftop PV projects in Singapore.  A SGD14 million green loan to LYS Energy Group was announced in April 2020.

Assessment of PV growth opportunities in the Philippines, Sungrow (2019-2020). In collaboration Infunde Capital, prepared a Luzon market study to provide the client with forecast of the opportunities for new PV projects.

Realised electricity market forecasts to support divestment of PV projects in Spain, Cobra Concesiones, Zero-E (2018-2020). In collaboration with EKON Strategy Consulting, prepared independent price forecasts to be used by the client to support its sale of its equity in a number of photovoltaic ("PV") projects acquired in the Spanish government’s renewable auctions in 2017. The sale to Galp was completed in September 2020.

Refinancing of PacificLight Power in Singapore, Maybank (2018-2020). Prepared an update of the analysis of long-term electricity dispatch and capacity expansion scenarios to support the refinancing of PLP’s 800MW power project.  This included providing pricing and dispatch levels for PLP and answering questions from potential lenders. The refinancing of some SGD1 billion of secured loan facilities was completed at the end of October 2020.

Assessment of coal and gas-fired power plants in Spain, Confidential (2019). In collaboration with EKON Strategy Consulting, prepared forecasts of energy and ancillary service income for numerous thermal power plants to assess potential residual values and acquisition opportunities.

Sell-side support for Amorebieta CCGT in Spain, Arclight-Bizkaia Energia (2019). In collaboration with EKON Strategy Consulting, prepared price forecasts for Spain to support successful sale of the existing 800MW CCGT in the north of Spain.

 

Post-PPA assessment to support successful sale of Tafila wind farm in Jordan, InfraMed Infrastructure (2019). The 117MW wind project operates under a Power Purchase Agreement (“PPA”) on a Build Own Operate (“BOO”) basis with an original contract term of 20 years.  Since the project can be expected to have an operational lifetime of at least 30 years, quantified the post-PPA value to support the successful sale of the client's equity stake in the project.

Valuation report for Tuaspring IWPP in Singapore, Confidential (2019). In collaboration with Infunde Capital, prepared an independent assessment of long-term electricity dispatch and capacity expansion scenarios to support the evaluation (including impairment test) of the 400MW Tuaspring power plant in Singapore.

 

Sell-side support for wind portfolio in Spain, Confidential (2018-2019). In collaboration with EKON Strategy Consulting, engaged to support the successful sale of a portfolio of existing wind assets in Spain.

 

Gas-to-power demand for Bangladesh, Confidential (2018-2019). The client made the last-of-five shortlist to develop the land-based Liquefied Natural Gas (“LNG”) regasification terminal in Bangladesh.  In preparation of its final offer, prepared different gas-to-power demand forecasts, comparing them to the Gas Sector Master Plan prepared by government of Bangladesh, and assessing the future potential for LNG-to-power opportunities.


Gas-to-power demand for Myanmar, Confidential (2018-2019). Prepared gas-to-power demand forecasts to help assess the future potential for LNG-to-power opportunities.

Valuation report for Tuaspring IWPP in Singapore, Maybank (2018-2019). In collaboration with Infunde Capital, prepared an independent assessment of long-term electricity dispatch and capacity expansion scenarios to support the valuation of the 400MW Tuaspring power plant in Singapore where Maybank is the principal lender.

Electricity market forecasts to support assessment of PV and wind projects in Spain and Portugal, Confidential (2018). In collaboration with EKON Strategy Consulting (formerly Onyx Energy Consulting), prepared independent price forecasts for three cases to be used by the client to support its assessment of a number of photovoltaic ("PV") and wind projects in Spain and Portugal.  The Client acquired the project rights for over 400MW of onshore wind and 300MW of PV projects in 2019Q1.

IPO of Salalah 2 IPP in southern Oman, Dhofar Generating Company (2018).  Prepared long-term electricity dispatch and capacity expansion analysis to allow potential IPO investors to take a view on the residual cash flows of the Salalah 2 IPP project consisting of a newer 445MW Combined Cycle Gas Turbine (“CCGT”) and an older 276MW Open Cycle Gas Turbine.  Since the contractual framework is similar to those used in other IPPs based around a 15-year Power Purchase Agreement (“PPA”), in this case, ending in March 2033, and the project can be expected to have an operational lifetime of more than 30 years, the analysis highlighted the potential revenue stream post-PPA revenue stream.  The IPO, which closed in August 2018, raised OMR20 million (USD52 million) was oversubscribed 1.37x.

 

Post-PPA assessment of RES portfolio in Jordan and Egypt, Confidential (2018).  Prepared an assessment of the residual value of more than 400MW of PV assets in Jordan and Egypt.  The projects will operate under Power Purchase Agreements (“PPAs”) on a Build Own Operate (“BOO”) basis with original contract terms of 20-25 years.  Since the projects can be expected to have an operational lifetime of at least 30 years, there is a potential revenue stream that can be captured by the projects after the expiry of their offtake agreements.  The analysis would be used to evaluate the client's strategic options.

Residual valuation of 400MW Dumat Al Jandal wind project in Saudi Arabia, Masdar and EDF Renewables consortium (2018).  The client was bidding for the right to develop and operate the 400MW wind power project in Dumat Al Jandal in the Al Jouf region of Saudi Arabia.  Prepared an assessment of the supply-demand situation in the Kingdom and determined the most cost-effective replacement(s) should the project close at the expiry of its PPA.  Based the project’s post-PPA value on the avoided cost to the system from extending the PPA.  The client was awarded the project in January 2019.

Wholesale electricity market forecasts in Spain, Grupo ACS (2018).  In collaboration with Onyx Energy Consulting, prepared independent price forecasts for three cases to be used by the client to support its sale of its equity in the 500MW La Mula photovoltaic project initially acquired in the Spanish government’s renewable auctions in 2017.  As well as providing numerical forecasts and details inputs in spreadsheet format, we also prepared a detailed Word report that could be presented to potential investors, and hosted a Q&A session with buyer.  By September 2018, Northleaf Capital from Canada had agreed to acquire the asset for EUR300 million.  

Water demand and power supply review for the Umm Al Quwain IWP in UAE, ACWA Power (2018).  The client was bidding for a new 45MIGD Salt Water Reverse Osmosis (“SWRO”) plant to supply desalinated water under a long-term Water Purchase Agreement (“WPA“) to the Federal Electricity and Water Authority (“FEWA”).  Historically, FEWA has relied on the Abu Dhabi Water and Electricity Company (“ADWEC”) to supply both water and power but the latter will be running short of water capacity in the medium term.  Prepared an analysis that showed how the project will help FEWA meet the demand for water whilst still relying on supply of power from ADWEC given its expected capacity expansion plan.  After a competitive bid process, ACWA's consortium was awarded the project in June 2018.

European nuclear power study in the EU, Confidential (2017).  In collaboration with ICF, managed the power curve procurement option of the client and provided insights into the approaches taken.  Also assisted ICF in understanding the context and operational characteristics of European power market and how these affected the operation and remuneration of nuclear power facilities across the EU.

Review of electricity outage risk for Sharqiyah IWP in Oman, JGC Corporation and United Infrastructure Development Company (2017).  Since the Water Purchase Agreement ("WPA") was designed to penalise the project in cases where it was unavailable, prepared an independent study of the water plant’s power outage risks.  Provided a long-term supply-demand outlook and collected statistics on the operation of the transmission grid by Oman Electricity Transmission Company (“OETC”) and distribution grid by Mazoon Electricity Company (“MZEC”) to demonstrate that the project would be no more likely to suffer outages than other Omani IWPs.  The client was awarded the project by OPWP in July 2018.

Post-PWPA analysis of Salalah 1 IWPP in southern Oman, Confidential (2017).  Since the current offtake agreement of the Salalah 1 IWPP with Oman Power and Water Procurement Company (“OPWP”) is on a Build Own Operate (“BOO”) basis and due to expire after 15 years in 2027.  Prepared a post-PWPA assessment of the project.

Sell-side report for IPP in Singapore, Confidential (2017).  Provided the client a high-level report of the Singapore electricity market developments and forecasts to support the partial divestment of the natural gas-fired Combined Cycle Gas Turbine (“CCGT”) power plant.


LNG-to-power demand in the Philippines, Confidential (2017).  Prepared a power market assessment to identify the potential demand for LNG-to-power in Luzon, with a special focus on the period following the expiry of the Malampaya gas supply agreement.

Power market advisor on Jurong Island IWP in Singapore, Confidential (2017).  Provided the client (a) an overview of the Singapore power market with a long-term forecast of power prices, and (b) an assessment of proposed Electricity Supply Term Sheet and tariff, highlighting gaps between the offer and the power components of the Water Purchase Agreement (“WPA”) offered by the Public Utilities Board (“PUB”).

Assessment of new CCGT in the Philippines, Maybank (2017).  Prepared a market and asset-specific assessment of the 3 x 216.7 MW gas-fired greenfield Combined Cycle Gas Turbine (“CCGT”) to be located in the Luzon grid of the Philippines.  The focus was on providing initial feedback on the project to support the client’s assessment of the opportunity and understand the risks involved.

Financing of photovoltaic investment in Singapore, Confidential (2017).  Developer of photovoltaic projects was looking to raise finance and had previously commissioned a market report.  The potential investors requested a review of the existing study and alternative forecasts, as necessary, to support their evaluation of the opportunity.

Post-P(W)PA analysis of regional portfolio in MENA, Confidential (2016-2017).  Prepared post-P(W)PA assessment of more than 18GW of power and nearly 370MIGD of water desalination projects in Saudi Arabia, Oman, UAE, and Jordan.  The projects are operated under Power Purchase Agreements (“PPAs”), Power and Water Purchase Agreements (“PWPAs”) or Water Purchase Agreements (“WPAs”) on a Build Own Operate (“BOO”) basis with original contract terms of 15-25 years.  With some assets having an expected technical lifetime of 40 years, the client wanted a view on potential income after the offtake agreements expired.

Assessment of existing IPP in Singapore, Confidential (2016-2017).  Since the project was financed, market conditions worsened and the sponsor requested more flexible terms from the lenders to exploit perceived opportunities in retail and the Electricity Futures Market (“EFM”).  K4K provided market analysis to support the lenders' assessment.

Assessment of coal-fired power plant under development in the Philippines, Confidential (2016-2017).  Delivered market modelling and detailed report providing a view on developments in the power sector in the Philippines, with special focus on the risks to coal-fired plants in Luzon, to support the client's efforts to assess the opportunity to invest in a coal-fired plant currently under development and in pre-construction stage.

Post-PPA analysis of Sweihan solar IPP in Abu Dhabi, Confidential (2016).  Prepared post-PPA assessment to support bid for Sweihan IPP being tendered by the Abu Dhabi Water and Electricity Authority (“ADWEA”). The photovoltaic project will sell its output under a long-term Power Purchase Agreement (“PPA”) on a Build Own Operate (“BOO”) basis which will expire after 25 years.  But since the project can be expected to have an operational lifetime of more than 30 years, there is a potential revenue stream that can be captured after its offtake agreement expires.

 

Independent sell-side review in the Philippines, Sithe Global Power (2016).  The client engaged a market advisor to prepare a power market report to support the sale of coal-fired capacity in Luzon.  Reviewed the report and engaged directly with the market advisor before certifying that the approach was consistent with industry best practice.  The USD1.2 billion purchase by Aboitiz Power Corp of 66% in the existing 625MW GNPower Mariveles plant and 40% in the under development 2x668MW GNPower Dinginin closed in December 2016.

 

PWPA analysis of IWPP in Oman, Confidential (2016).  Prepared post-PWPA analysis to support the sale of a minority stake in an existing Independent Water and Power Project.  Since the offtake agreement with Oman Power and Water Procurement Company ("OPWP") centres around a 15-year Power and Water Purchase Agreement (“PWPA”) on a Build Own Operate ("BOO"), K4K identified and quantified the main drivers of post-PWPA value.

Assessment of power plants in Spain, Confidential (2015-2016).  In collaboration with Onyx Energy Consulting, provided power market modelling to allow the client to study competing market entry options.

Post-PPA analysis of IPP in Thailand, TOTAL (2015).  In collaboration with AWR Lloyd, prepared post-PPA analysis to support the sale of a minority share in an existing Independent Power Project ("IPP").  Quantified the value to the Electricity Generating Authority of Thailand ("EGAT") from extending the Power Purchase Agreement ("PPA") under different scenarios.

Market reassessment of IPP in Turkey, ACWA Power (2015).  Prepared an analysis of long-term electricity dispatch and capacity expansion scenarios to assess a new gas-fired IPP in central Turkey.

Review of power market in the Philippines, Commonwealth Bank of Australia (2015).  Delivered a report that provided a review of the power sector in the Philippines with special focus on the Luzon power system.  The report provided historical background on capacity and generation mix, an overview of the main participants, a detailed introduction to the Wholesale Electricity Spot Market (“WESM”), operating overview of retail and contract segments, and assessment of forthcoming opportunities including LNG-to-power projects.

 

Post-WPA analysis of Barka 3 and Sohar 2 IWPs in Oman, Confidential.  Prepared post-WPA analysis for the 61.8 MIGD Barka 3 and 55.0 MIGD Sohar 2 Independent Water Projects (“IWPs”) planned to come online in 2018.  The contractual framework offered by OPWP centres around a 20-year Water Purchase Agreement (“WPA”) on a BOO.  Since the projects will have a useful life in excess of this, a modelling assessment was performed to help the client come to a view on the range of post-WPA outcomes.

 

Financing of the Kirikkale CCGT project in Turkey, ACWA Power International and Lenders.  Led the team that prepared an analysis of the long-term electricity dispatch and capacity expansion scenarios to support the financing of the 910MW Kirikkale CCGT in central Turkey.  The financing was signed at the end of 2014.

 

Economic feasibly study of the Rogun Hydroelectric Power plant in Tajikistan, Barki Tojik and the World Bank.  Directed the team that carried out the tasks related to the economic and financial analyses, the power market and import market analyses, and other non-technical aspects of the feasibility assessment of the planned 3.6GW Rogun project alongside Coyne et Bellier (France) and ELC-Electroconsult (Italy).  If the project were to go ahead, it is could become the world's tallest dam with one configuration at a height of 335 metres.  The studies were been published by the World Bank (see Executive Summary or full list of reports).

 

IPO of Al Batinah Power Company and Al Suwadi Power Company in Oman, Bank Muscat. Led the team that prepared a post-PPA analysis of two 744MW CCGT power plants located in Barka and Sohar in Oman.  The team’s contribution was included in the IPO prospectus for ABPC and ASPC.  The IPO, which closed in June 2014, raised OMR62.7 million (USD163 million).

 

Assessment of the Pagbilao expansion in the Philippines, TeaM (Philippines) Energy Corporation and Therma Luzon, Inc.  Directed the market and asset-specific analysis of a proposed new 400MW coal-fired power plant to be jointly developed within the boundary of the existing Pagbilao power plant in Luzon.  The financing closed in May 2014.

 

Post-PWPA analysis of Shuweihat S1 IWPP in Abu Dhabi, Sumitomo.  Led the team that prepared a post-PWPA analysis of the 1,635MW/100MIGD Shuweihat S1 Independent Water and Power Project (“IWPP”).  Estimates of project’s post-PWPA net revenues under different assumptions were shared with prospective buyers. The sale to ACWA Power International was agreed in 2014Q1.

 

Financial and economic assessment of the electricity market in the Netherlands, Energie-Nederland.  Supported the team led by PricewaterhouseCoopers that provided Energie-Nederland with a view on the potential financial impact on conventional power sector facing a large increase in capacity, relatively high gas prices, low demand growth and ambitious renewable targets.  The reports were made public by the client.

 

Preparation for IPO of Salalah IWPP in Oman, SembCorp Salalah Power & Water Company.  Led the team that prepared the post-PWPA analysis of the 445MW/15MIGD Salalah IWPP in southern Oman.  A summary of the analysis was included in the IPO prospectusThe IPO, which closed in September 2013, raised OMR53 million (USD138 million).

 

Refinancing of debt obligation of Senoko Energy in Singapore, Lenders.  Led the team engaged as electricity industry and market advisor on behalf of the lenders for the refinancing obligations of Senoko (3.3GW).  This was the second time that Kim supported the lenders as part of a refinancing exercise at Senoko.  The SGD2.6 billion (USD2.0 billion) refinancing closed in June 2013.

 

Financing of the Tuaspring’s Power Project in Singapore, Tuaspring and Lenders.  Led the team engaged by the sponsor and then the lenders that delivered a power market study of the 400MW power project being developed alongside a desalination project by Tuaspring, a subsidiary of Hyflux.  The financing closed in December 2013.

 

Share sale and acquisition of GMR Energy (Singapore) in Singapore, Seller and Buyer.  Worked with seller and buyer in the acquisition of GMR Infrastructure’s 70% interest in the 800MW LNG-fired CCGT due online in late 2014.  Provided views on the market, and facilitated discussions and exchange of ideas throughout the due diligence process. The USD548 million transaction closed in April 2013.

 

Acquisition of a stake in the Sohar IWPP in Oman, MENA Infrastructure.  Led the team that prepared a post-PWPA analysis of the 585MW/31MIGD Sohar 1 IWPP.  The acquisition of a 20% shareholding from GDF Suez, WJ Towell & Co and Zubair Corporation closed in May 2013 and was awarded “Middle East Infrastructure Equity Deal of the Year” for 2012 by the Infrastructure Investor Magazine.

 

Refinancing of Acquisition Loan for PowerSeraya in Singapore, YTL Power.  Led the team engaged as the electricity industry and market advisor for YTL Power on the refinancing of the acquisition loan provided by lenders to complete the purchase of PowerSeraya (3.1GW) in 2009.   The refinancing closed in October 2012.

 

Post-PWPA analysis of Al Hidd IWPP in Bahrain, Confidential.  Led the team that prepared a post-PWPA analysis of the 929MW/90MIGD Al Hidd IWPP.  The owner entered into a 20-year PWPA with the Ministry of Electricity and Water on a Build Own Operate (“BOO”) basis.  The results were shared with prospective buyers and the sale of the client’s shareholding closed at the end of 2011.

 

Financing of Meerwind Offshore Wind Gar in Germany, WindMW.  Directed the team that provided a long-term outlook of the German electricity market to support the financing of the 288MW German offshore wind project. The market and project-specific results enabled the client to evaluate the post-Feed In Tariff outcomes for the project within the evolving European market and regulatory framework.  The EUR822 million (USD1.2 billion) financing closed successfully in August 2011 and was awarded “European Offshore Wind Deal of the Year” for 2011 by the Project Finance Magazine.

 

Financing of Thornton Bank Offshore Wind Farm in Belgium, C-Power.  Led the team that provided a long-term forecast of Belgian power prices for the purpose of supporting the financing of Phase 2 and Phase 3 of the off-shore wind farm at Thornton Bank which lies 27-30 km from the Belgian coast.  Provided a report that formed part of the client’s submission to external financiers.  The EUR870 billion (USD1.3 billion) financing closed in November 2010 and was awarded “Offshore Wind Deal of the Year" by Euromoney Project Finance.

 

Market due diligence for IPP in South Korea, Confidential.  Led the team that provided power and natural gas market advisory services to the client in respect of the potential acquisition of a stake in a 1GW LNG-fired CCGT divested by one of the Oil Majors.

Valuation support for the CEGCO portfolio in Jordan, Jordanian Dubai Capital, Malakoff, and Consolidated Construction Company.  Led the team that prepared dispatch, cost and revenue forecasts for the 1.7GW portfolio of the Central Electricity Generating Company (“CEGCO”).  The consortium succeeded in acquiring 51% of CEGCO in a deal valued at some USD320 million.


IPP project financing in Singapore, Keppel Merlimau Cogen.  Engaged as the electricity industry and market advisor to the developers of the 490MW CCGT plant in Singapore and its lenders.  The SGD525 million (USD375 million) project financing closed March 2005.

Acquisition and financing of coal-fired CHPs in Poland, Public Service Enterprise Group.  Advised PSEG on the financial viability of the Skawina coal-fired CHP facilities in Krakow.  Provided detailed dispatch and revenues forecasts over a 20-year period modelling the Polish as well as wider European interconnected system.


LNG and power market study to support assessment and expansion of CHPs in South Korea, Confidential.  Advised the client on its gas-to-power expansion strategy in South Korea. This included detailed long-term power market modelling, assessing the size of the LNG market, undertaking a regulatory review to assess the implications of changes in the pool rules and effect of proposed vesting contracts, all to assess the impact on the valuation of the 478MW Anyang and 475MW Bucheon CHPs and the 565MW expansion of Bugok CCGT.

IPP Financing in Singapore, SembCorp Cogen.  Provided the developers and lenders of an 800MW cogeneration station in Singapore, which at the time was Asia’s first merchant power project, forecasts that accommodated proposed changes in pool rules and a new vesting contracts regime.  The SGD517 million (USD369 million) project financing closed January 2001.