The credit line will be used for the construction of underground works related to the pump storage power plant of Ingula Rome, July 15, 2013 – Cassa depositi e prestiti (CDP), SACE, BNP ...
The credit line will be used for the construction of underground works related to the pump storage power plant of Ingula
Rome, July 15, 2013 – Cassa depositi e prestiti (CDP), SACE, BNP Paribas Corporate and Investment Banking and HSBC Bank plc announced the finalization of two loans for a total of € 300 million in favor of Eskom Holdings SOC Limited (Eskom), the South African energy public utility wholly owned by Cape Town’s Government.
The funds are used to pay a portion of the commercial contract signed with CMC, in joint venture with Impregilo and the local company Mavundla, for the construction of underground works related to the pump storage power plant of Ingula.
Under the transaction, SACE has fully guaranteed both loans as follows:
The plant, located in the Drakensberg mountain range, between the Kwa Zulu Natal and the Free State, about 350 kilometers south-east of Johannesburg, has a capacity of power generation of 1,332 MWh.
The project is part of a wider program carried out by Eskom to diversify energy sources of South Africa and to increase production to meet the growing domestic demand for electricity.
SACE offers export credit, credit assurance, foreign investment protection services, financial guarantees, sureties and factoring. With operations worth €70 billion assured in 189 countries, the SACE Group supports the competitiveness of Italian and foreign businesses, guaranteeing more stable cash flows and transforming enterprise insolvency risks into development opportunities. SACE is present in Sub- Saharan Africa through a Representative Office in Johannesburg and a Desk in Nairobi, hosted by ATI.
Cassa Depositi e Prestiti (CDP) is a joint-stock company under public control, that manages postal savings, - its main fund collection method. CDP uses these funds according to its institutional mission of supporting national growth, financing the public administration investments, and acting as a catalyst for the growth of Italian infrastructure and business.
BNP Paribas Corporate and Investment Banking (CIB) is a leading provider of solutions to a wide range of clients including corporates, sovereigns, financial institutions and investors worldwide. Approximately 19,000 professionals in 45 countries provide clients with personalized serviced for managing their risks and assets, financing and expanding their business and servicing their operational needs. BNP Paribas excels in: Corporate Banking – where it has leading franchises in Transaction banking (trade finance, cash management) and Specialized Financing (energy & commodities, transportation, export, project,leveraged, media telecom, corporate acquisition finance and real estate). Derivatives – where it is one of the leading global players in interest rates, credit, foreign exchange, commodity and equity derivatives.Advisory and capital Markets – where it is a top european house in ECM and a global leader in DCM (bond, convertibles and equity issuance). BNP Paribas has been named "bank of the Year 2012" by the International Financing Review.www.cib.bnpparibas.com
CMC (Cooperativa Muratori & Cementisti of Ravenna) Founded in Ravenna in 1901, Cooperativa Muratori e Cementisti – Cmc di Ravenna is an Italian leading construction company. Fifth Italian construction company, Cmc has been permanently operating for over 30 years. Thanks to technical and management ability, economic and financial stability as well as to the extensive experience acquired all over the world in great infrastructure works, Cmc ranks among the few Italian general contractors qualified for executing the highest class of contracts.
Salini Impregilo, as a part of the Salini Group, is active in the design and construction of major infrastructure works. The Group operates in over 50 countries worldwide, with some 32,000 highly skilled and professional employees. Together, Salini and Impregilo had an income of approximately €4.1 billion in 2012 with a portfolio of work in hand (construction only) of approximately €20 billion. Impregilo is listed on the Milan Stock Exchange (www.salini-impregilo.com)
Eskom is a vertically integrated electricity utility 100% state-owned and strongly supported by the Government. Eskom supplies about 95% of South Africa’s electricity, which is more than 40% of Africa’s electricity. Eskom is currently in the middle of a major capital expansion programme to increase its generating capacity by 17,000 MW, or almost 50% by 2019.