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Financing solutions with EKF Финансовые решения Russian Roundtables June 2009.

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Presentation on theme: "Financing solutions with EKF Финансовые решения Russian Roundtables June 2009."— Presentation transcript:

1 Financing solutions with EKF Финансовые решения Russian Roundtables June 2009

2 EKF ensures competitive financial terms for Danish business and industry in international markets EKF covers extraordinary financial risks related to business of economic interest to Denmark EKF operates on commercial terms and is guaranteed by the Danish state EKF’s Mission Statement Постановка задач

3 Our world

4 EKF exposure by sector Разбивка по секторам Wind Ветровые 33 pct. Food processing 9 pct. Chemicals, steel Химия, металлургия etc. 2 pct. Other Другие 1 pct. Cement Цемент 23 pct. Water and disposal Водный сектор и отходы 10 pct. Infrastructure and transport Инфраструктура и транспорт 13 pct. Power stations and energy utilities ТЭС и энергоустановки 9 pct.

5 Products Финансовые инструменты Project Finance Contract- and Project Delivery Guarantees Bond Guarantees Investment Guarantees Export Credit Guarantees Export loans Reinsurance EKF Climate L/C Guarantees Traditional традиционные New новые

6 Supplier credit guarantee Гарантии поставщикам Buyer credit guarantee Гарантии покупателям The exporter provides the buyer with a credit/loan and receives the payments as they fall due. EKF insures the exporter against non-payment. The exporter receives payment for delivery in cash from the bank. Typically at commissioning. The buyer borrows the money in a bank. EKF insures the bank against non- payment. Products Виды услуг

7 Loan Garantee Danish Bank Contracts Cash payment Example - Export credit Пример Two Danish companies, Cimbria Unigrain and Scanvægt, export equipment The importer is Ukraine’s biggest chicken producer, Myronovsky EKF garantees payments from Myronivsky to Danish exporters.

8 Loan Garantee Danish Bank Contracts Cash payment Loan Example - Export credit Пример Two Danish companies, Cimbria Unigrain and Scanvægt, export equipment The importer is Ukraine’s biggest chicken producer, Myronovsky EKF garantees payments from Myronivsky to Danish exporters.

9 Vestas delivers 10 windmills á 3 MW to wind farm in Aruba Belgium Bank (Project risk) Bright Capital Partner (Investor) Nucapital (Investor) Wind farm Local Bank (sub- debt) Vestas (Exporte r) Swedish Bank (Funding) Total investment Equity, 20% Funding from Swedish Bank, 80 pct. 100 pct. guarantee from EKF Guarantee from Belgian Bank, 30 pct. EKF’s project risk net, 70 pct. Structure Example – Project Finance

10 Carbon Guarantees Risk Guarantee Issuance of carbon credits > EKF guarantees against non-issuance of carbon credits during implementation phase Sale of carbon credits > EKF facilitates contact to credit buyers. If necessary, EKF will guarantee that the buyer honors the purchase contract Breach of contract by project partner > EKF guarantees against losses due to project partner’s breach of contract

11 200 m 75 m 150 m 100 m Investment NPV Cash flow Sale Elec- tricity Without EKF Climate guarantees Equity Bank loans 100 m Sale carbon credits 150 m 50 m Bank loans Equity With EKF Climate guarantees 2/3 (DSCR=1.5) 2/3 More debt, less equity, higher profitability Easier start for projects

12 Carbon Guarantees Углеродные гарантии Risk Guarantee Issuance of carbon credits > EKF guarantees against non-issuance of carbon credits during implementation phase Sale of carbon credits > EKF facilitates contact to credit buyers. If necessary, EKF will guarantee that the buyer honors the purchase contract Financing of CDM and JI projects > EKF guarantees for pre-payments and other types of loan financing to CDM and JI projects. Breach of contract by project partner > EKF guarantees against losses due to project partner’s breach of contract

13 Carbon prepayment Financing Гарантии предоплаты за углеродные кредиты OfferContract, 15% down payment MontageShippingCommissioning Description of delivery Monitoring, issuance of carbon credits Prepayment, carbon purchase PIN LOI PDD ERPA LOA Export contract JI path With EKF guarantee Financing need Time

14 Carbon Guarantees Risk Guarantee Issuance of carbon credits > EKF guarantees against non-issuance of carbon credits during implementation phase Sale of carbon credits > EKF facilitates contact to credit buyers. If necessary, EKF will guarantee that the buyer honors the purchase contract Financing of CDM and JI projects > EKF guarantees for pre-payments and other types of loan financing to CDM and JI projects. Breach of contract by project partner > EKF guarantees against losses due to project partner’s breach of contract

15 Risk Issuance of carbon credits Partner’s breach of contract Sale of carbon credits Prepayment/ financing Carbon credits as new currency Example JI project EKF Project developer Carbon buyer Equipment supplier Bank Prepayment, loan, equity Carbon credits Prepayment Carbon credits Repayment Payment/ Carbon credits Equipment Loan Repayment Export credit Repayment Guarantee Gurantee against non- issuance of carbon credits Gurantee against loss due to partner’s breach of contract Gurantee against breach of ERPA Gurantee against non- return of prepayment (in case of non-delivery of credits) or loans Gurantee against non- delivery of carbon credits Guarantee

16 Contract Partnership possibilities Danish equipment supplier Energy company Equipment, know-how Finance, gov. app., hosting JI project Carbon credits buyer Sales revenue Guarantee against non-issuance and/or contract breach from JV partner and/or CC buyer

17 Greentech Guarantees Risk Guarantee Energy & water saving guarantee  An equipment supplier receives payments parallel to the realisation of the savings from the installation of the equipment. EKF guarantees against lack of payment.

18 Energy saving Energy costs before installation Energy costs after installation Installation Energy Savings Guarantee Costs Payment Time Guarantee against lack of payment

19 Greentech Guarantees Risk Guarantee ESCO-finance  An Energy Service Company takes over – against a fee – the energy supply at a customer’s plant. EKF guarantees against lack of payment from the customer and guarantees loans from banks to the ESCO-company. Energy & water saving guarantee  An equipment supplier receives payments parallel to the realisation of the savings from the installation of the equipment. EKF guarantees against lack of payment.

20 Partnership possibilities Danish equipment supplier Local company ESCO company Danish equipment supplier Energy service contract Local company Underwriting of bank loans, guarantee for payment from customers

21 Contact Jørn Fredsgaard Sørensen Chief Consultant Telephone direct: Mobile telephone: E K S P O R T K R E D I T F O N D E N Dahlerups Pakhus Langelinie Allé 17 DK2100 København Ø Telefon: Fax:


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