| Type |
Political Risk Guarantee (PRG) under the Coguarantee Program |
| Borrower |
Mekong Energy Company Ltd. (MECO) |
| Cofinanced Amount |
$25 million, under ADB's PRG coverage |
| Tenor |
15 years |
| Guarantee coverage |
PRG provides against
- confiscation, expropriation and nationalization;
- currency inconvertibility and nontransferability, and
- political violence and breach of contract.
|
| Syndicate |
Arranged by ANZ, Singapore Branch; Societe Generale Asia Ltd. and Sumitomo Mitsui Banking Corporation with ANZ London Branch as Facility Agent. |
| Project Financing |
| Debt: ($ million) |
| ADB direct loan |
50.0 |
|
| Cofinanced loan under ADB PRG |
25.0 |
|
| Cofinanced loan under IDA PRG |
75.0 |
|
| JBIC |
150.0 |
|
| PROPARCO |
40.0 |
|
| Subtotal Debt |
340.0 |
|
| Equity |
|
|
| Sponsors |
140.0 |
| Total |
480.0 |
|
| Use of Proceeds |
Construction and operation of a 163-megawatt auto diesel-based combined cycle power station. |
| Project Sponsors |
Electricite de France International; Sumitomo Corporation; and Tokyo Electric Power Company International BV |
| Remarks |
This was the first PRG in which ADB acted as guarantor of record on behalf of a private PRI provider. The PRG was provided without the host government counterguarantee. The transaction was awarded "Project Finance Deal of the Year: by Finance Asia and AsiaMoney and "Asian Power Deal of the Year" by Project Finance. |
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