19 Jun 2019

Investec closes successful financing for CCI’s Dutch power platform

Castleton Commodities International LLC (“CCI”), through one of its subsidiaries, has closed on financing for its Dutch power generation platform, including a 1.3 GW pair of combined cycle gas turbine (“CCGT”) plants, with Investec leading the transaction. 

Investec, acting as sole bookrunner and arranger, was joined as mandated lead arranger by Rabobank and Kommunalkredit, and by Schroders and an infrastructure debt fund managed by SCOR Investment Partners.  The institutions provided non-recourse debt and letter of credit facilities for the portfolio.

 

The facilities allow CCI’s Dutch power business to optimise the platform’s capital structure, provide funding for plant upgrades and regional acquisitions, and expand the credit capacity of the platform’s power hedging program.

 

In June 2017, CCI announced the acquisition of its first power generation asset in Europe, the 426 MW MaasStroom plant in Rotterdam. 

 

Last July, CCI closed on the acquisition of a 50% ownership stake in Enecogen, an 870 MW power plant, also in Rotterdam. 

 

Arie Pilo, Head of CCI’s European Power Investments group, said:
“We are extremely pleased with the Investec team’s ability to lead the structuring and syndication of a successful financing process and attract liquidity from high-quality institutions to support the growth of our Dutch power business.  We continue to seek additional strategic assets for our European portfolio.”

 

Stefan Rattensperger, a director in Investec's power and infrastructure finance team in London, said:

“We have seen extremely strong appetite from debt providers interested in partnering with CCI on this landmark transaction. Lenders understand the strategic importance of efficient and flexible gas plants in the energy transition and value CCI’s unparalleled expertise as well as its solid track record in optimising power generation assets.  The result was a strong commitment to this well-structured financing.”

 

CCI was advised by Allen & Overy LLP (legal). The lenders were advised by Clifford Chance (legal), Mott McDonald (technical), Baringa (power market), Ernst & Young (tax), Willis Towers Watson (insurance) and Mazars (model audit).

For more information, please contact:

Investec Corporate and Investment Banking
Luke O'Mahony, Public Relations 

020 7597 5261

[email protected]


Lansons

Fatima Ismat, Lansons (PR agency for Investec CIB)

020 7566 9709

[email protected]

 

Investec Corporate and Investment Banking
Investec CIB is an international corporate and investment bank working with growth-orientated companies, institutions and private equity funds. Our people set us apart – empowered, straightforward and invested in our clients’ long-term success. We provide capital solutions, advice and ideas, along with bespoke investment solutions and access to capital markets. Founded in 1974, The Investec Group has grown successfully through its client focussed approach and its ability to serve diverse and evolving financial needs.

 

This press release is issued on behalf of Investec Bank plc. Registered address: 30 Gresham Street, London, EC2V 7QP. (Reg No. 489604).  Investec Corporate and Investment Banking is a brand name of Investec Bank plc, which is a member of the London Stock Exchange.

 

Investec Bank plc (Reg. no. 489604) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.