Eggborough Power Limited Appoint Verus Partners
Dec, 2011
Eggborough Power Limited has appointed Verus Partners to advise it on the potential conversion of 2000MW of current coal fired power generation to biomass. The conversion project would be among the largest such conversion projects in the world. Conversion of the existing plant would establish Eggborough as a substantial source of low cost and reliable renewable power generation, helping the UK meet its target of 30% of electric power generation coming from renewable sources by 2020.
Eggborough Power Limited is a 2000MW power company based in East Yorkshire with a 50 year operating history. Eggborough represents 3% of the UK’s generating fleet and has the capacity to provide power to 2 million homes. See www.eggboroughpower.co.uk for more information.
Sur Independent Power Project Achieves Financial Close
Dec, 2011
Verus Partners is delighted to announce that the 2000 MW Sur IPP in Oman has achieved financial close.
The Verus Partners team advised the winning consortium through a competitive tender process that began in September 2010. The consortium was led by Japanese trading house Marubeni Corporation, and includes Chubu Electric Power Co., Inc., the Japanese utility company, Qatar Electricity and Water Company (Q.S.C.) and local Omani sponsor, Multitech LLC (part of the Suhail Bahwan Group (Holding) LLC).
The gas-fired Sur IPP will be the largest power plant in Oman, representing approximately 40% of Oman’s installed power capacity when it comes fully on-stream in 2014. Financing in the form of senior debt (totalling approximately USD 1.25 billion) has been provided by the Japanese Bank for International Cooperation (JBIC), the Bank of Tokyo-Mitsubishi UFJ, KfW IPEX-Bank GmbH, Mizuho Corporate Bank, Ltd., Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and The Sumitomo Trust and Banking Company Limited and supported by Nippon Export and Investment Insurance (NEXI). Financial close occurred on 28 November 2011.
The Verus Partners team was led by founding partner Andrew Elliott and vice president Ian Clark.
The Sur IPP is the 17th Gulf I(W)PP competitive tender on which Verus Partners and its predecessors have advised Marubeni Corporation since 2004, joining the Taweelah B (UAE), Rabigh IWSPP (KSA), Mesaieed A (Qatar), Fujairah F2 (UAE) and Shuweihat S2 (UAE) projects in achieving financial close, a ratio of 43% successful proposals by plant capacity.
Satarem Appoints Verus Partners to Advise on Waste to Energy
Oct, 2011
Satarem AG has appointed Verus Partners to advise them on the development and financing of a series of waste to energy and peat to energy projects across Africa, India and Latin America. Initially, the team will focus on projects in Argentina, India, Ivory Coast, Gabon, Congo and Rwanda. These projects, with an aggregate investment of approximately US$ 600 million will confirm Satarem’s leading position in delivering cost effective, operationally efficient, and environmentally sensitive waste to energy projects in the emerging markets. Further projects will follow in Turkey, Nigeria, Kenya, Guinea, Burundi and Senegal.
Satarem has operations in more than 50 countries all over the world. Satarem has set up local offices in China, Switzerland, India, South Africa, U.S.A, Russia and Saudi Arabia. Our Clients include most major cement producers around the world such as LAFARGE, HOLCIM, ITALCEMENTI, HEIDELBERGER, CIMPOR, VICAT, GIC, etc., as well as several Governments who entrust Satarem to resolve their waste management issues as well as their energy problems.
Verus Partners Advises Winning Consortium in Oman
Jul, 2011
Verus Partners is pleased to announce that the 2000 MW greenfield, gas-fired Sur Independent Power Project (the “Project”); to be located in north-eastern Oman, has been awarded to a consortium advised by Verus Partners.
Phoenix Power Company SAOC, a special purpose company of which Marubeni Corporation, Chubu Electric Power Co., Inc., Qatar Electricity and Water Company Q.S.C and Multitech LLC are the shareholders, has entered into various agreements, including a Power Purchase Agreement (“PPA”) in connection with the Project.
The power sector in the Sultanate of Oman has been aggressively promoted since the early 1990s where ten independent power projects have been developed to date. The site for the Project is located at the Sur Industrial Estate, approximately 150km south east from Muscat on the coast of the Gulf of Oman. The Project includes the design, construction, ownership, financing, operation and maintenance of the facility. Oman Power and Water Procurement Company SAOC will purchase power from the Project under a PPA that runs for 15 years from the scheduled commercial operations date of April 2014.
The financing package of over USD 1 billion for the Project, involving the participation of a number of leading international project finance lenders, is expected to be finalised shortly.
Mark Aplin & Andrew Elliott Combine to Form Verus Partners
Apr, 2011
We are pleased to announce the creation of Verus Partners, which has been formed to combine the activities of Advisorum, led by Andrew Elliott, and those of Mark Aplin, an established independent financial advisor. Verus Partners will build on the existing strategic relationships of the founding partners in providing independent advice from experienced finance professionals.
Advisorum has provided indepdent advice since 2000, focused in the IPP and IWPP sectors in the EMEA region. Led by Andrew Elliott, who was an original member of Citi’s project finance team in London in the early 1990s, Advisorum has advised on more than USD 30 billion of financing.
Mark Aplin began his career at Citi and was a Managing Director in its Fixed Income division focused on energy and infrastructure financings. In the last two years Mark has provided independent advice to a select group of leading industrial companies and government related entities. Mark has advised on or arranged over USD 60 billion of financings across EMEA, the Americas and Asia.
Mark and Andrew have known each other for more than 15 years, since they worked together in Citi’s project finance advisory team in the mid-1990s. The are both known for their sector knowledge and candid advice. Following discussions that started more than 18 months ago, they have decided to respond to the demand from corporate and government related clients to create a substantial new and independent player in the corporate and project finance advisory space.
Verus Partners will take on the existing business and assignments of Advisorum and Mark Aplin, and will provide strategic and financial advisory services to high value situations covering corporate actions, new capital raisings, restructurings, bid advisory, joint venture advisory and capital structure optimisation.
Verus Partners will initially operate from their office in Cavendish Square in London, though there are plans to open offices in the GCC.
