Investor Data
Given the capital intensive nature of our business, the ability to fund projects is vital for success. International Power plc has consistently proved its financing capabilities through the execution of numerous greenfield and acquisition financings, together with re-financings of existing assets.
View details of recently completed financed projects.
| Year | Project | PPA/Merchant | Project finance raised (US$m) |
|---|---|---|---|
| 2001 | ANP Funding 1 | Merchant | 1,376 |
| 2001 | Al Kamil | PPA | 99 |
| 2001 | Shuweihat | PPA | 1,636 |
| 2002 | Hazelwood | Merchant | 993 |
| 2002 | SEAgas | Contracted | 355 |
| 2003 | Umm al Nar | PPA | 1,777 |
| 2004 | EME Portfolio | PPA/Merchant | 865 |
| 2005 | TNP | PPA | 70 |
| 2005 | Ras Laffan B | PPA | 697 |
| 2005 | Saltend | Merchant | 495 |
| 2006 | Pego | PPA | 930 |
| 2006 | Rugeley | Merchant | 262 |
| 2006 | Hidd | PPA | 1,204 |
| 2006 | Coleto Creek | Merchant | 1,165 |
| 2007 | Tihama | PPA | 550 |
| 2007 | Maestrale | Renewable | 1,920 |
| 2007 | Fujairah F2 | PPA | 2,140 |
| 2008 | Pelican Point | Merchant | 160 |
| 2008 | Elecgas | PPA | 730 |
| 2008 | US Peaking plants | Merchant | 400 |
* Original term loan financing amounts at the 100% asset level
We have achieved this in different parts of the world, under different circumstances and through the combined use of local and international capital. As examples, Shuweihat S1 and Umm Al Nar in the Middle East were both financed in a challenging geopolitical environment, and Saltend was the first merchant plant in the UK to be project-financed using non-recourse debt in over five years.
Non-recourse debt
Non-recourse project finance is at the core of International Power plc's financing strategy and capital structure – this provides the most appropriate funding for each asset and also represents excellent risk mitigation for the group. Non-recourse debt is secured against the cash flows of the project, with typically no support from the sponsor(s) other than for contractual equity contributions.
Key benefits:
- Ring-fencing isolates individual project risks and thus affords protection for the credit quality of the parent
- Funding costs are lower and tenors much longer than would be obtainable on a corporate basis
- A larger amount of capital can be raised in aggregate, improving IPR's scale and diversification
Net debt structure As at 31 December 2007
Please note that projects are levered from on the basis of security and visibility of cash flow.
|
As at 31 December 2007 £m |
Project cash (debt)* | IPR Corporate | Total | Maturity |
JVs / Associates off-balance sheet net debt* |
|---|---|---|---|---|---|
| Cash and cash equivalents | 871 | 290 | 1,161 | ||
| Recourse debt | |||||
| Convertible bond (2023)** | - | (115) | (115) | 2023 | |
| Convertible bond (2013)** | - | (140) | (140) | 2013 | |
| - | (255) | (255) | |||
| Non recourse debt | |||||
| IPM – acquisition debt | (243) | - | (243) | 2012 | |
| IPM – Mitsui preferred equity | (151) | - | (151) | 2008 | |
| North America | (876) | - | (876) | (158) | |
| Europe | (2,913) | - | (2,913) | 2010 - 2026 | (195) |
| Middle East | (315) | - | (315) | 2016 - 2025 | (612) |
| Australia | (1,035) | - | (1,035) | 2008 - 2019 | (62) |
| Asia | (35) | - | (35) | 2020 | (270) |
| (5,568) | - | (5,568) | (1,297) | ||
| Total net cash / (debt) | (4,697) | 35 | (4,662) | (1,297) |
* Project debt is secured solely on the assets and cash flow of
the project concerned (non-recourse)
** The convertible bonds are shown at their final maturity date
although they can be converted earlier
