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4th Quarter 2010 - 1st Quarter 2011

Financial Advisor for IWSPP expansion project
Synergy is acting as the financial advisor for a client and  is participating in discussions on behalf of the client for the implementation of the expansion project for the existing Independent Water and Steam Power Plant in the Middle East. Synergy is involved in the commercial and financial due diligence of the Concession Agreement and rebuilding of the financial model for the existing phase, expansion phase and the integrated phase.
The proposal for the expansion project was submitted by the Client to the Off-taker in September 2010 and Synergy continues to assist the  Client  respond to commercial and financial clarifications on the submitted proposal and continues to provide other post-bid negotiation support.

Financial and Transaction Advisor for Due Diligence and Valuation of District Cooling Company in MENA Region
Synergy Consulting is working as the Financial Advisor for a large District Cooling Company operational in Saudi Arabia for Due Diligence and Valuation of another District Cooling company owning multiple District Cooling assets in MENA region for a potential merger. Synergy team is responsible for the preparation of consolidated company financial model, due diligence of target company's project documents and models, negotiating the terms of the transaction and other merger-related support.

Financial advisor for Bid of four multi fuel IPP's (500MW-1250MW) in Iraq
Synergy Consulting has been selected the Financial Advisor by a US private equity company for the bidding of four IPPs with capacity ranging from 500 MW to 1250 MW in Iraq.  Synergy was responsible for risk analysis of the PPA, Government Support Agreement, equipment and fuel supply contract to safeguard Client's interests and enhancing the bankability of the project. The findings of the risk analysis were included in the form of the Bid Assumptions Letter, submitted as a part of the bid-package. Synergy also worked closely with the client in finalizing the basis for the financial model for tariff determination as a part of the bid package. The Client was then selected as the preferred bidder by the Ministry of Electricity, Iraq (MoE). Synergy continues providing support to the Client for further discussions between the Client and MoE, Iraq. 

Lender's Transaction and Financial Advisor to a Bank Group in their Valuation of a District Cooling Company
Synergy Consulting is acting as the Transaction and Financial Advisor to support a Bank Group of seven to eight  banks in conducting financial / commercial, contractual and technical due diligence of a District Cooling Company owning multiple small District Cooling assets in the Middle East region for refinancing of the debt of the company. The engagement involves evaluation of the project agreements of each asset including end-user contracts, supplier / contractor agreements, District Cooling Provider agreement, O&M agreement, etc.; assessment of future off-take levels of the company, assessment of tariff structure of each asset, complete risk analysis, review of financial statements of each asset and preparation of bank case financial model to help the Bank Group assess the viability of refinancing of debt.
Synergy is responsible for handling the financial / commercial and contractual due diligence process and has sub-contracted a reputed technical firm with operations in Middle East for conducting the Technical due diligence process.

Financial Advisor for Acquisition of Caribbean Power Assets
Synergy is acting as the Financial Advisor for the acquisition of two HFO fired Power Plants with total generation capacity of 28 MW in Caribbean islands. Synergy team assisted its client - a private equity player, in due diligence of Financial Model and valuation of the Assets. The transaction was successfully closed through Equity infusion.
Synergy team worked closely with the client during the pre-bid phase of the Project in Due Diligence of Financial Model, analysis of Project Contracts and identifying potential risk areas with respect to their impact on the valuation. In the second phase, to refinance partial Equity with debt, Synergy worked closely with the client and lender's to develop Financial Model based on the financing deal structure. Synergy was also responsible for discussions with the lender appointed third party auditor in due diligence of the financial model. The Financial Closure for refinancing of Equity was achieved in December 2010.  

Financial Advisor for Due Diligence and Valuation of HFO assets in South India for a Sovereign Fund
Synergy is acting as the financial advisor for a Middle East Sovereign fund to carry out due diligence and valuation of two operational HFO-fired power assets in South India, with a total capacity of over 200 MW. Synergy's role included due diligence and valuation of the assets, preparation of the detailed consolidated financial model contract assessment, assessment of PPA and tariff structure, assessment of receivables and payables and assessment of historical financials of the company. Synergy also played a major role in the coordination between the Project's legal, technical and tax advisors.

Participation in MEED Conference
Synergy presented a session on topic "Analyzing Key Commercial Aspects for a Successful District Cooling Transaction" in the conference conducted by MEED on 27th – 28th September, 2010 on District Cooling. Post conference, Synergy also conducted a masterclass session on topic "Understanding Commercial Feasibility & Bankability of District Cooling Projects"

Participation in Kuwait District Cooling Summit 2011
Synergy, on the basis of its experience in closing MENA region's first and only district cooling project (Dhahran District Cooling Project with Saudi Aramco as the Offtaker), under a long term limited-recourse debt financing, presented a session on topic "Why District Cooling Under BOT/BOO Structure May Not Be For Private Sector Off-takers: Learning from Dhahran District Cooling Project” in the summit in Kuwait conducted by ProMedia International on 26th January, 2011.

Conducted API Training Program
Synergy, on the basis of its experience in achieving financial closure of the Shuqaiq IWPP transaction in 2007, conducted a detailed training program for one of the shareholder of the Project Company in April 2011. The training program covered the complete Shuqaiq transaction and included sessions on understanding financial documents, understanding force majeure events, understanding liquidated damages, understanding project cost overruns, understanding the plant's tariff structure, process of dividend declaration, implications of event of default by any project's stakeholder, process of handling project bonds and LCs, testing and commissioning process , insurance requirements and invoicing and payment mechanisms.

Private Placement for a Client engaged in Wastewater Treatment Industry
Synergy is acting as the financial advisor to assist a client engaged in investment water wastewater asset (under concession) in raising funds through a mixture of debt and equity. Synergy was responsible for building high end financial models for client and investors and assisting in the valuation process. The Client has already raised a certain sum in the first round of fund raising activity and is in the process of approaching more investors.

Training Program for various Government entities in Nigeria, Ghana and Cameroon
Training programs were conducted for various government entities in Nigeria, Ghana and Cameroon to apprise them of the basics of Projects Finance. The training program mainly included topics on risk analysis and mitigation strategies in project finance, typical tariff structure of a project finance transaction, due diligence process and few sessions on the basics of financial modeling for a typical project finance transaction.

Government of Rwanda
Government of Rwanda has appointed Synergy as a Financial Advisor to assist them in the negotiation of a 50 MW PPA with a Private Developer.  Synergy team worked closely with the Government of Rwanda during the negotiation phase of the Project. Synergy prepared the Financial Model for the valuation of the project, analyzed the Power Purchase Agreements (PPAs), Gas Concession Agreements (GCA) and reviewed the Joint Venture Agreement.  Project documents are expected to be finalized between both the parties in the first quarter of 2011.

Madinah Airport Privatization
Synergy Consulting was selected the Financial Advisor by the Integrated Transportation Company (ITC) for their bid on the privatization of Madinah Airport.  Synergy team is responsible for the due diligence on the documents, negotiating the term sheet for the financing and the financial model development.

 
 
noteworthy
Synergy client Miahona wins the WEX Global Award for Innovation in the Category titled - Finance for Potable Water BOOT Project for KKIA-Riyadh, KSA
Synergy client Miahona wins the WEX Global Award for Innovation in the Category titled - Finance for Potable Water BOOT Project for KKIA-Riyadh, KSA ... Read More
 
 
AED 192 MM debt financing for Dubai Parks District Cooling Project
Tabreed Parks Investment LLC (TPI), a wholly owned subsidiary of National Central Cooling Company PJSC (“Tabreed”), signed an AED 192 MM long term.. ... Read More
 
 
50 MW solar PV project in Jordan awarded through competitive bidding
Synergy supported the consortium of Saudi Oger Ltd (KSA) and Arabia Trading & Consulting Co. Ltd (Jordan) in securing L2 position in the first ever.. ... Read More
 
 
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