JBIC Financial Facilities for Coal Fired Power Plant Project

Transcription

1 JBIC Financial Facilities for Coal Fired Power Plant Project 12 March 2012, Belgrade Japan Bank for International Cooperation(JBIC) JBIC is the international wing of Japan Finance Corporation (JFC)

2 Overview of Organizational Restructuring October 2008 Japan Finance Corporation (JFC) Export-Import Bank of Japan (JEXIM) October 1999 JBIC IFOs (International Finance) Japan Bank for International Cooperation (JBIC) (Domestic Finance) Micro Business and Individual Unit Agriculture, Forestry, Fisheries and Food Business Unit Small and Medium Enterprise Unit April 2012 (Planned) Japan Bank for International Cooperation (JBIC) Overseas Economic Cooperation Fund (OECF) OECOs (Crisis Response) Japan International Cooperation Agency (JICA) Technical Assistance ODA Loan Grant Assistance 2

3 JBIC s Mission To contribute to the sound development of the Japanese and international economy Promoting overseas development and acquisition of strategically important natural resources to Japan Promoting the overseas business for preserving global environment called GREEN Maintaining and improving the international competitiveness of Japanese industries Responding to disruptions in financial order in the international economy JBIC s Financial Facilities Export Loan Export Loan Investment Loan Investment Loan Import Loan Import Loan Untied Loan Untied Loan Equity Participation Equity Participation 3

4 JBIC s Promoting Infrastructure Projects Supporting overseas Low Carbon Infrastructure projects Nuclear power generation projects Train projects (Inter-city / in major cities) Water projects High-efficiency coal fired power generation projects Large-scale carbon dioxide capture and storage projects Power generation projects harnessing renewable energy sources Power transformation, transmission and distribution projects Smart grid projects Internet and other advanced telecommunications network development projects 4

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6 1. Export Loan 1. Export Loan NEXI Insurance JBIC Commercial Banks Bank Loan Foreign Bank Foreign Bank Buyer s Credit Loan Japanese Exporter Export Foreign Foreign Importer Importer JBIC s export loan is applicable for export-import contract of equipment and machinery, of which more than 30% needs to be made in Japan. Terms and conditions of JBIC s export loans follows the OECD arrangement on officially supported export credit. 6

7 Case 1: JBIC Export Loan to Coal Fired Power Plant (Buyer s s Credit) Scheme NEXI insurance JBIC Commercial Bank Bulgarian Bulgarian Government Government Loan (B/C) guarantee Mitsui Mitsui Toshiba, Toshiba, IHI IHI Export Turbine, FGD Maritsa Maritsa East East II II (Bulgaria) (Bulgaria) 7

8 Case 2: JBIC Export Loan to Coal Fired Power Plant (Bank Loan) Scheme NEXI insurance JBIC Commercial Bank Loan (B/L) ICICI ICICI Bank Bank (India) (India) Loan Marubeni Marubeni MHI MHI Export Boiler, Turbine Larsen Larsen & & Toubro Toubro Limited Limited (India) (India) 8

9 2. Investment Loan 2. Investment Loan JBIC Commercial Banks Loan Company In In Japan Japan Equity Loan Loan Subsidiary J/V, J/V, SPC SPC JBIC s investment loans is applicable for a joint venture project in which a Japanese company needs to play a substantial role not only as a equity share holder but also as an operator. 9

10 Case 3: JBIC Investment Loan to Coal Fired IPP Project Japanese Investor Sponsors Local Partner Government Equity O&M Legal Obligation Supervision EPC Contractor EPC Project Company (IPP operator) Debt (Project Finance) Power Purchase Off taker National Utility Senior Lenders JBIC Commercial Bank JBIC has provided Project Finances to Coal Fired IPPs (Independent Power Producers), such as Indonesia, Thailand, Philippines, etc. 10

11 Case 4: JBIC Investment Loan to Kaliakra Wind Power Project in Bulgaria MHI is conducting F/S of Wind Power Project in Serbia, funded by JBIC. Bulgaria Government Sales Revenue Carbon Credits Purchaser JCF Mitsubishi Heavy Industries Carbon Credits Purchase Project Company Kaliakra Wind Power AD Sponsors Equity EPC O&M INOS-1 OOD Legal Obligation Power Purchase Debt (Project Finance) JBIC Supervision Off taker NEK Sales Revenue Escrow Account Debt Service Senior Lenders Commercial Bank 11

12 3. Equity Participation 3. Equity Participation Case 5: JBIC Equity Participation in Serbia Equity Investment 120 m US$1bil US$2bil EBRD IFC Bank Capitalization Fund DEG Swedfund 48 m 42 m 19 m 10 m Kommercjalna Banka Beograd 12

13 Features of JBIC operations Counter-Cyclical function Typically for disruptions in financial order in the international economy Catalytic role for private capital flows Mobilizing private funds to projects for the sound development of the Japanese and international economy Large amount and Long-term fund provider Not only risk coverage but also providing funding of quality and quantity Variety of financial products Loans, Guarantees, Acquisition of loans, bonds & securities, Equity participation, Fund investment... Wide range of network Multilateral institutions like the IMF, WB, EBRB and EIB, Developing countries, Other countries ECAs, private sector MOU with EBRD Signed in September 2010 Cooperate through sharing knowledge and know-how in the areas of financing of large infrastructure projects, non-sovereign financing of municipal infrastructure, in particular linked to climate related projects, as well as local currency financing. 13

14 Contact point JBIC Representative Office in Paris 21, Boulevard de la Madeleine, Paris Cedex 01, France Tel: Fax: Chief Representative: Shinya Miyake(Mr.) Senior Representative: Yoshihiro Kumagai(Mr.) Representative: Ken Shimamoto(Mr.) 14