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GuarantCo’s guarantee enables Bayfront to offer additional volume of notes to institutional investors within the size and structure of the issuance. The guarantee enables Bayfront to issue a Class D credit enhanced tranche to be sold to international institutional investors, improving the credit profile of the intrinsic sub-investment grade rating of the tranche in the process. Investors participating in the tranche will gain access to credit exposures of sustainable infrastructure assets in PIDG eligible markets and sectors. The Class D Notes were pre-placed and taken up in full by funds managed Apollo Global Management, a global asset manager. This is Apollo’s first investment in IABS issuance from Bayfront and also the first time Apollo has invested in a guaranteed debt issuance from GuarantCo. Overall, this is expected to attract a larger pool of high-quality institutional investors into the transaction, improving secondary market liquidity and increasing market familiarity with this asset class.
GuarantCo provided PRAN Agro, one of the leading agro-processing companies in Bangladesh and a sister company of PRAN RFL Group, with a partial credit guarantee to support a BDT 2.6 billion (c. USD 24 million) onshore bond with an eight-year tenor to attract domestic institutional capital from Bangladesh. The bond proceeds will allow PRAN Agro to finance its infrastructure expansion plans.
GuarantCo provided Runner Automobiles with a 100 percent guarantee for issuance of an internationally certified sustainability bond worth BDT 2.67 billion (c. USD 27 million). The bond aims to facilitate access to credit for borrowers who wish to own lower emitting three-wheelers including electric powered three-wheelers. Furthermore, a proportion of the bond's proceeds will be allocated towards installing a 3.4MW greenfield rooftop solar system at the manufacturing plant. This landmark achievement represents the first internationally certified sustainability bond issued by a local business in Bangladesh. The bond garnered subscriptions from local private sector institutions and insurance companies. MetLife Bangladesh is a major investor in this bond whilst Green Delta Capital acted as the lead arranger and security agent on the transaction.
GuarantCo in partnership with Societe Generale provided an up to XOF 37.8 billion (c. USD 63 million) financing solution, with a first tranche of XOF 21 billion (c. USD 35 million), to support the financing of Spiro’s fleet of electric motorbikes, as well as the associated batteries and swap stations in Benin and Togo. The funding comprises a 70 percent partial credit guarantee from GuarantCo and a borrowing base facility provided by Societe Generale. Through this funding, the financiers will take a significant stride towards supporting e-mobility in Africa.
GuarantCo, part of the Private Infrastructure Development Group (PIDG), in partnership with Societe Generale will provide an up to XOF 37.8 billion (c. USD 63 million) financing solution, with a first tranche of XOF 21 billion (c. USD 35 million), to support the financing of Spiro’s fleet of electric motorbikes as well as the associated batteries and swap stations in Benin and Togo. The funding comprises a 70 percent partial credit guarantee from GuarantCo and a borrowing base facility provided by Societe Generale. Through this funding, the financiers will take a significant stride towards supporting e-mobility in Africa.
The impact of phase 2 is expected to provide improved electricity access to 100,000* households and reduce emissions by 34,000* tonnes of CO2 through the replacement of thermal energy. Only 15 percent of Madagascar's population has access to electricity through JIRAMA, the state-owned electricity company. *based on GreenYellow’s methodology, certified by VERRA, the Verified Carbon Standard Programme for GHG Credits,
GuarantCo, part of the Private Infrastructure Development Group (PIDG), has closed its first syndication transaction via the credit insurance market with leading Lloyd’s (re)insurer Canopius, which was arranged by specialist CPRI broker BPL Global. The transaction involved the use of a non-payment insurance policy covering exposure on a GuarantCo portfolio transaction.
The project will improve Pakistan’s power sector efficiency by producing clean and green power near the point of usage, thus reducing wastage and line losses associated with the national grid and by stabilising the grid at peak times. Shams Power helps to reduce carbon emissions and has a positive impact on mitigating climate change through the provision of clean, sustainable solar power.
This transaction has the potential to transform the rooftop solar market in Pakistan by demonstrating the ability for rooftop solar providers to access debt funding locally; this will allow for developers to scale up to unlock more solar potential. The transaction also builds the capacity of energy regulators and the State Bank of Pakistan (SBP), allowing them to create a supportive and practical regulatory and financial framework whilst also building the capacity of banks who are new to this asset class. Shams is also committed to continue the provision of training and potential employment opportunities to female engineers as the company grows.
Business and institutional users will benefit from lower electricity costs through the rooftop systems installed without incurring any upfront capital expenditure. The proposed solution also increases users’ electricity reliability and reduces their reliance on back-up diesel generators. Given climate considerations and business continuity reasons, Shams Power’s solution represents an efficient alternative to existing solutions. In addition, the transaction will lead to long-term job creation in the project value chain and 60 local permanent jobs have been created by Shams Power.
