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GuarantCo guarantees Class D tranche subscribed by the Bank of the Philippine Islands (BPI) and Chandra Asri Trading Company Pte. Ltd. (CATCO), a subsidiary of the Chandra Asri Group, in Clifford Capital’s Bayfront Infrastructure Management transaction for Bayfront Infrastructure Capital V USD 508.3 million infrastructure asset-backed securities. This is the second collaboration between Bayfront and GuarantCo following the first transaction in September last year. It is the first time that BPI and CATCO have invested in a debt issuance guaranteed by GuarantCo. Whilst the Class A1, Class A1-SU, Class B and Class C Notes are rated investment grade by Moody’s Ratings and would be listed on the Singapore Exchange, the Class D Notes (amounting to USD 20.3 million), which are unrated and unlisted, benefit from a guarantee from GuarantCo for principal and interest amounts payable.
- Bayfront Infrastructure Capital V (BIC V) is the second collaboration between Bayfront and GuarantCo, part of the Private Infrastructure Development Group.
- GuarantCo guarantees the mezzanine debt tranche within the capital structure (Class D for this issuance), which is fully subscribed by the Bank of the Philippine Islands (BPI) and Chandra Asri Trading Company Pte. Ltd. (CATCO), helping to support the financing or refinancing of sustainable infrastructure projects in Asia.
- This is the first time that BPI and CATCO have invested in a debt issuance guaranteed by GuarantCo.
GuarantCo, part of the Private Infrastructure Development Group (PIDG), has provided a portfolio guarantee of JOD 24.8 million (c. USD 35 million) to Capital Bank of Jordan, for a portfolio of JOD 88.6 million (c. USD 125 million), as the first bank in the country to close such a transaction. It will enable the bank to grow its infrastructure portfolio which is aligned with the PIDG 2023 – 2030 strategy focused on climate adaptation and mitigation transactions.
GuarantCo will issue guarantees directly to the Independent Power Projects (IPPs) from whom Africa GreenCo will buy power whilst backing the company’s payment obligations to such IPPs. This innovative guarantee structure and GuarantCo’s high credit ratings (Moody’s A1 and Fitch AA-) will provide IPPs and their lenders with the comfort to enter into contracts and build renewable power projects. This is PIDG’s second transaction with Africa GreenCo. Having leveraged a PIDG Technical Assistance grant in October 2020 to help operationalise GreenCo Power Services in Lusaka, InfraCo Africa invested USD 5.5 million in May 2022 to scale GreenCo’s offering as Zambia’s first renewable energy buyer and services provider.
GuarantCo, part of the Private Infrastructure Development Group (PIDG), has provided Africa GreenCo with a USD 27 million guarantee facility to boost renewable energy in Southern Africa.
Spiro is looking to deploy at least 21,400 clean electric motorbikes with 31,400 electric batteries and more than 1,170 swap stations. Through the project, up to 100 jobs will be created for the installation of charging stations and technical support, while an additional 3,710 operations and maintenance jobs are expected.
Spiro is working towards a target of 30 percent women in workforce (long term jobs) including engineers, managers and technicians whilst providing technical and leadership programmes to enhance their skills. In addition, there will be community engagement initiatives through technical and leadership programmes targeting female employees.
GuarantCo provided CamGSM (Cellcard) with a USD 70 million guarantee to support an internationally certified sustainability bond fully subscribed by institutional investors Manulife and Prudential Cambodia, listed at the Cambodian Stock Exchange on 24th November 2023, and loan financing from Deutsche Bank AG, Singapore Branch. Both the bond and loan have obtained second party opinions from Moody's Investor Services on their alignment with the international ICMA Green Bond, Social Bond, Sustainability Bond Principles as well as LMA/APLMA/LSTA Green Loan, Social Loan Principles. All proceeds from the bond and loan will be allocated towards green/social Use of Proceeds categories financing 4G telecommunication towers, energy efficient 4G equipment and future-proofing the network in preparation for 5G rollout.
GuarantCo, part of the Private Infrastructure Development Group (PIDG), has provided CamGSM (Cellcard) with a USD 70 million guarantee to support an internationally certified sustainability bond fully subscribed by institutional investors Manulife and Prudential Cambodia, listed at the Cambodian Stock Exchange on 24th November 2023, and loan financing from Deutsche Bank AG, Singapore Branch. The proceeds of the financing will be used towards the expansion of Cellcard’s telecom infrastructure.
GuarantCo and Bank Alfalah provide Shams Power with a PKR 1.5 billion (c. USD 5.2 million) finance solution to support the construction of 10 MW of small rooftop and ground mounted solar plants at commercial and industrial sites across Pakistan to reach grid connected businesses. Shams Power is an established distributed solar developer with a total of 27 projects and an installed capacity of 25 MW across Pakistan. Eighteen projects with a capacity of 21.2 MW were completed and became operational under the first phase of the PKR 2 billion (c. USD 11.3 million) facility provided by GuarantCo and Bank Alfalah in December 2021. The finance solution of PKR 1.5 billion (USD c.5.2 million) of senior debt provided by Bank Alfalah is 75 percent guaranteed by GuarantCo. The proceeds will support the construction of an additional c. 10 MW of solar projects across Pakistan. The second phase seeks to largely replicate the success of the first transaction working closely with the same transaction partners including Bank Alfalah and Capital Resource.
GuarantCo, part of the Private Infrastructure Development Group (PIDG), and Bank Alfalah have provided Shams Power with a PKR 1.5 billion (c. USD 5.2 million[1] ) finance solution to support the construction of 10 MW of small rooftop and ground mounted solar plants at commercial and industrial sites across Pakistan to reach grid connected businesses.
GuarantCo provided a two-thirds on-demand credit guarantee to Axis Bank to enable an INR 1 billion (c. USD 12.1 million) loan for over four years to Everest Fleet for the purchase of electric cars to be deployed as green taxis in India. The partial guarantee is provided under the USD 200 million INR equivalent framework guarantee agreement that GuarantCo and Axis bank signed in May 2022 which allows mobilisation of funds between USD 300 and 400 million in INR equivalent to finance the e-mobility ecosystem in India. This is the second transaction closed in December 2023 under the framework agreement after the INR 2.5 billion (c. USD 30 million) three-year loan to Vivriti Capital, an impact focused non-bank financial institution, to support the company’s strategy to expand its portfolio through lending to companies operating in the e-mobility ecosystem in India.