OPIC, Master Wind Energy LTD
As part of a multi-tranche debt facility, Scully Capital assisted OPIC in evaluating, structuring, negotiating and closing a $50 million USD-denominated debt facility for a 50MW wind project in Pakistan.
Scully Capital worked with the Lender in managing transaction from proposal development through closing, including developing proposals, negotiating commitment letters, termsheets and loan documentation, coordinating due diligence efforts and syndication efforts, managing deal teams, lawyers and consultants, and obtaining internal credit approval.
Specifically, the set of project activities involves the following main tasks:
- Financial Model Audit
- Project Risk Identification and Development of a Due Diligence Plan
- Due Diligence and Credit Underwriting
- Financial Structuring and Term Sheet Development
- Loan Approval Support
- Loan Documentation, Financial Closing and First Disbursement Support
Challenges & Solutions
- Scully Capital was tasked with closing on this financing on an accelerated basis as the PPA supporting the Project had a fast-approaching sunset date. Adding to the complexity was that a syndicate of local banks was providing a similar amount of financing in local currency thus necessitating the need for significant intercreditor discussions.
- Scully Capital was able to staff this assignment with staff experienced in project finance and commercial banking and thus brought significant skill and expertise to evaluating, structuring, negotiating and closing this transaction.
Summary & Results
Loan Closed in March 2015