Investec Capital Markets provides Project and Infrastructure Finance to North America through our office in Toronto, Canada.

Our Project and Infrastructure Finance team covers the financing of assets, businesses or concessions primarily on the strength of the cashflows that they generate, typically with limited or no recourse to the corporate credit of the project sponsors. Our global team of approximately 50 professionals has extensive experience of project finance, infrastructure finance and public private partnership transactions around the world. We are located in London, Johannesburg, Sydney and Toronto.

Globally we provide advice and finance to clients through specialist teams providing sector expertise in the following areas:

• Conventional and renewable energy and biofuels
• Public private partnerships
• Telecoms
• Transportation

Our North American team offer advisory, lending and investment services initially focusing on public-private partnerships (PPPs) and renewable energy.

For further information please click on the links below:

Our service offering
Our key strengths
Samples transactions
The Investec Group
Contacts

Our Service Offering

Independent project advisory

We provide independent financial advice to project sponsors and bidding consortia. We offer the full range of advisory services to clients including: feasibility studies, risk analysis, bid strategy, financial modelling and the management of competitive debt and equity funding competitions. We will also advise on the design and pricing of hedging structures, project documentation and legal due diligence. We have continuous dialogue with the major sources of commercial bank, capital markets and lease finance so as to be fully aware of the latest trends and requirements.

Acquisitions and restructurings

We advise on the acquisition, refinancing, restructuring and sale of completed projects or stakes in portfolios of projects.

Project debt arranging and underwriting

We structure, arrange and underwrite bank syndication and capital markets debt on a limited recourse basis. Investec’s substantial balance sheet permits the underwriting of large exposures, while the Group’s international capital markets presence and access to commercial banks enables the broad and rapid syndication of project debt. We assist borrowers in negotiations with the rating agencies, monoline credit insurance companies and hedging providers to ensure the optimum total cost and flexibility of funding.

Project equity and mezzanine arranging and underwriting

We arrange and underwrite equity and mezzanine for energy, telecoms and infrastructure projects, both by using our own capital and by accessing markets ranging from private equity through to specialist infrastructure funds and banks.

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Key Strengths

• We are sector specialists able to provide a complete range of services within our chosen areas
• Our team members cover a broad spectrum of skills including banking, accounting, legal, power development, project management and engineering consulting which allows us to select the appropriate team for each project
• The team works across the full spectrum of financial products and markets as either advisor or finance provider
• We always provide fast turnaround aided by a straightforward and accessible credit making process
• We provide a high degree of senior professional involvement at all stages of a project
• We focus on the protection of client interests and on building long term relationships
• We have in-house complex financial modelling skills
• For the last five years the leading trade magazines, Project Finance International and Infrastructure Journal, have listed us in the top three bank advisors to bidders ranked by deals brought to financial close in the Europe, Middle East and Africa region

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Sample Transactions

Renewables Fund Underwriting and Management – Global

Client: Viridis Clean Energy Fund (A$126 million)
Investec was co-founder of the Viridis Clean Energy Group, a Fund listed in 2005 on the Australian Stock Exchange. Investec shares control and ownership of Viridis Energy Capital Pty Limited, the manager of the Fund. Investec provided all the funding necessary for the accumulation of assets ahead of the listing. Investec continues to be the primary financier.

Biofuels Equity – USA

Client: Global Ethanol (US$ 140 million)
An Investec led consortium provided funding to Global Ethanol for the purchase and development of ethanol production plants in the US in 2006.

Renewables Mezzanine – Ireland

Client: Airtricity (€40 million)
Investec provided mezzanine capital to finance the growth of Ireland’s leading renewable energy company in 2006.

PPP Advisory – UK

Project: Barts & the Royal London (£1.1 billion)
Investec advised the Skanska/Innisfree consortium on the redevelopment of two London hospitals, which is the largest PFI health project to date. The funding closed in April 2006 and included £750 million of index-linked bonds and a £250 million EIB tranche all wrapped by two monolines.

Telecoms – South Africa

Client: Neotel (R2 billion)
Investec has been appointed as joint lead arranger and underwriter of both the bridge and long term financing for the newly established second fixed line telecom operator in South Africa. Bridge funding closed in 2006.

Transportation Mezzanine – UK

Project: A130, UK (undisclosed)
Investec provided the mezzanine funding for the refinancing of the A130 Shadow Toll road in Essex.

Transportation Debt & Equity Underwriting – South Africa

Project: Maputo Corridor N4 Toll Road (R2 billion)
Investec acted as arranger and underwriter of the initial debt and non-sponsor equity for the first non-recourse project financing in the South African market for this cross border user-pay toll road which reached financial close in 1998. Subsequent to this Investec acted as arranger and underwriter of the R3 billion refinancing of the toll road with financial close in March 2006.

Transportation Advisory – Israel

Project: Tel Aviv Metro (US$ 2 billion)
Investec is advising the MTS consortium that is the preferred bidder on the 23 km long Red Line of the Tel Aviv Metro.

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The Investec Group

Investec Project and Infrastructure Finance is part of the Investec Capital Markets division of Investec. Investec Capital Markets provides a wide range of specialist products, services and solutions to select corporate clients, public sector bodies and institutions. Investec is an international specialist banking group that provides a diverse range of financial products and services to a niche client base. The group was established in 1974 and currently has approximately 5,500 employees worldwide.

Investec focuses on delivering distinctive profitable solutions for its clients in four core areas of activity, namely: Capital Markets, Private Client Activities, Investment Banking and Asset Management. In July 2002 the Investec group implemented a dual listed company structure with listings on both the London and Johannesburg Stock Exchanges.
Our strategic goals and objectives are based on the aspiration to be recognised as a distinctive specialist banking group. This distinction is embodied in our entrepreneurial culture, which is balanced between a strong risk management discipline, client-centric approach and ability to be flexible and innovative.

Click here for Investec's key financial information and credit ratings

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Contacts

John Casola
Head of Infrastructure and Project Finance
416 687 2406
john.casola@investeccapital.com

Jamie Manson
Head of Power
416 687 2410