Power Deal of the Year 2015 in the Middle East and Africa
The project finance transaction of Maamba Collieries Limited (MCL) has been selected as the “Power Deal of the Year 2015” in the Middle East and Africa region by Project Finance International (PFI) of Thomson-Reuters, the leading source of global Project Finance Intelligence.
MCL, a step-down subsidiary of Nava Bharat Ventures Limited, is implementing an integrated coal & 300 MW power project in Zambia, set to be commercially operational by July 2016. MCL attained financial closure for this project in early Q2 FY16. The key participants in this limited recourse finance deal include Development Financial Institutions (DFIs) from Africa and a consortium of International Commercial Banks in Africa and China. MCL’s Project is the first private power project in Africa to have obtained Export Credit Agency Insurance cover from SINOSURE of China.
PFI Awards are the most prestigious annual awards, spread over a wide spectrum of industries and across continents. MCL’s Award forms part of Roll of Honour announced by PFI. The award will be presented at the awards dinner by PFI in London, when 800 of the world’s most senior and successful professionals will gather to celebrate industry excellence, across the world.
Commenting on the momentous occasion, Mr. Ashok Devineni – Chairman Nava Bharat Ventures said, “The honour conferred by Project Finance International of the Thomson-Reuters truly recognises the quality and calibre of the Sponsors and the project management team of MCL. We have always believed in Nava Bharat’s capability as a global organisation and this citation on MCL reinforces our belief further. It is heartening that the award from Thompson Reuters outfit is the first of its kind to an international subsidiary of Indian corporate group.
We remain extremely proud to be associated with ZCCM-IH of the Zambian Govt., our partner in this prestigious project. The achievement of financial closure has marked an important milestone for the project and is part of the larger vision of the Nava Bharat group to drive higher contribution from international operations.”
Mr G R K Prasad, Executive Director added, “The Project Finance Structure of MCL is extremely innovative and reflects collaborative efforts of- the Sponsors from India/Singapore and Zambia; discerning and leading international project lenders in China and Africa and EPC contractor from China backed by Sinosure. We are proud to have been associated with MCL project financing, thus conferred with this prestigious award by PFI of Thomson Reuters as the “Power Deal of the year 2015 in the Middle East and Africa”