可持續基礎設施融資及其挑戰.pdf

1、Financing Sustainable Infrastructure and the ChallengesOctober 2022DISCLAIMERThis presentation has been prepared by PT Indonesia Infrastructure Finance(“IIF”or the“Company”)exclusively for theindicated purpose.Terms contained in this presentation are intended for discussion purposes only and are sub

2、ject to adefinitive agreement.All information contained in this presentation belongs to IIF and may not be copied,distributed orotherwise disseminated in whole or in part without the prior written consent of IIF.This presentation has been prepared on the basis of information that is believed to be c

3、orrect at the time the presentation wasprepared,but that may not have been independently verified.IIF makes no express or implied warranty as to the accuracy orcompleteness of any such information.IIF is not acting as an advisor or agent to any person to whom this presentation is directed.Such perso

4、ns must make theirown independent assessment of the contents of this presentation,should not treat such content as advice relating to legal,accounting,taxation,technical or investment matters and should consult their own advisers.Nothing in this presentation isintended to be,or should be construed a

5、s an offer to buy or sell,or invitation to subscribe for,any securities.Neither the Company nor any of its directors,employees or representatives are to have any liability(including liability to anyperson by reason of negligence or negligent misstatement)from any statement,opinion,information or mat

6、ter(express orimplied)arising out of,contained in or derived from or any omission from the presentation,except liability under statute thatcannot be excluded.2IIF OverviewAGENDA 14Investment ProductBusinessSegmentInvestment BusinessConsulting Service Business Project Finance and PPP transaction expe

7、rtise Financial Advisor expertise Policy AdvisoryLong Term Financing in IDR and USD Equity,Mezzanine,and Project Financing capabilityInfrastructure Financing expertiseA catalyst for private sector investment into Indonesias infrastructureProductConsulting Service ProductSenior Loan Subordinated Loan

8、 Mezzanine Product Equity Investment Bank Guarantee Standby FinancingFundedNon-FundedFinancial AdvisorySocial&Environment AdvisoryCorporate/Business AdvisoryTransaction AdvisoryPolicy AdvisoryEconomic/Financial AdvisoryIIF At a GlanceShareholdersIIFs Journey Over the Years2012-201420172019-202220102

9、015-20162018Secure funding(Subordinated Loan)fromWorld Bank and ADBFirst project financing:Toll road Cikampek-PalimananCooperation withBPJT in implementing sustainable toll road developmentProvide guarantee facility for the construction of the first private Wind Power Plant inIndonesia Issued the fi

10、rst 5-years Sustainable Global Bonds worth USD150 millionProvide financing in hospital sector and become a pioneer in railway and mass transportation sectorsReceive AAAidn credit rating from Fitch Indonesia and PefindoIssued the first bonds worth IDR 1.5 trillionEstablishment of PT IIFAAAidnFirst PP

11、P financing in Telco sector:Palapa Ring TengahFirst PPP financing in clean water supply projects:SPAM UmbulanRenewable energy project financing:Solar Power Plant in Gorontalo Participation in acquisition of thelargest geothermal power plant in Indonesia:WayangWindu56Social&Environment Contribution i

12、n The Last 3 YearsAccess to Drinking Water Service19,42520,77521,5252019202020211,150,5451,258,5451,319,545201920202021Total Drinking Water Service Capacity(L/sec)Number of Users(Household)Renewable Energy Project Contribution650 658 666 201920202021Total Renewable Energy Generation Capacity(MW)554,

13、150562,150570,650201920202021Number of Users(Household)Reducing carbon emissions from renewable energy is equivalent to the absorption of CO2from 122,948 trees3.49Million tons equivalenCO2The total contribution of renewable energy in Indonesia until 20219.75%Access to drinking water services4.98mill

14、ionpeopleContribution of the population with access to drinking water in Indonesia until 20218.46%IIF applies ESG principles to every project financed by IIF and monitors compliance with global standards.We are working closely with governments and ministries in developing standards and frameworks.We

15、d like to emphasize further this role as a promoter of global ESG practice going forward.7Investment ProductsTenderProject PreparationProject ConstructionProject OperationEnd of ConcessionEquity InvestmentGuarantee&Standby FinanceSenior Loan&Subordinated LoanRefinancingCash Deficiency Support Extrao

16、rdinary Event Relief Facility Takeout FinancingStaple FinancingCredit EnhancementLC/BG Issuance8Advisory ServicesTenderProject PreparationProject ConstructionProject OperationEnd of ConcessionPolicy AdvisoryFS PreparationTransaction AdvisoryEconomic and/or Financial AssessmentFinancial AdvisoryStrat

17、egy&Business Advisory9Key DifferentiatorsLongLong-term Financing and Investmentterm Financing and InvestmentTailorTailor-Made to the Specific Financing Made to the Specific Financing Requirements of the Projects/ClientsRequirements of the Projects/ClientsInternational Standard on Social&Internationa

18、l Standard on Social&Environmental SafeguardEnvironmental SafeguardAdvisory Capability to Provide Solution Advisory Capability to Provide Solution to Clientsto ClientsIIF is complementary to the banking sector by providing tailor-made financing solutions to fill the gap in the financing structure re

19、quirement.10Financing Profile 1H2022Financing Commitment by CurrencyFinancing Commitment by Project TypeFinancing Commitment by Sector23%23%14%12%7%7%3%2%1%1%7%ElectricityTelecommunicationRoadOil&GasWater&Waste UtilityAirportRegional InfrastructurePortRailway&Mass TransportationSocial Infrastructure

20、OthersIDR 17.4 trillionThe investment portfolio is well diversified in all sectors,with 3(three)largest contributing sector are electricity,telecommunications,and road infrastructure.27%4%26%18%24%GreenfieldBrownfieldOperating AssetBalance Sheet-ProjectBalance Sheet-Non ProjectIDR 17.4trillion70%30%

21、IDRUSDCurrently,the Companys financing distribution is dominated by IDR financing.The type of projects that are mostly financed by IIF is greenfield projects and followed by projects that have entered the operational phase(operating assets).IDR 17.4 trillionProject Finance Characteristics and Its Ch

22、allengesAGENDA 3Lenders Lenders FinancialAgreementOutputOutput(e.g.power supply)O&MO&M PartyPartyO&MContractOfftake AgreementInputInput(e.g.gas)Supply AgreementInsurance ContractEPCEPCContractorContractorSponsor(sSponsor(s)Shareholders AgreementEPC ContractInsuranceInsuranceCompanyCompanyHost Host G

23、overnmentGovernmentConcession Agreement/Permits and Authorizations/RegulationProject Company Project Company(e.g.power plant)(e.g.power plant)Project Structure12Cashflow oriented Capital-intensive Highly leveragedLong term Independent entity with a finite life Non-recourse or limited recourse financ

24、ing Many stakeholdersCharacteristicCharacteristicTypical Project Finance StructureTypical Project Finance StructureMain Due Diligence Items13Legal AspectLegal AspectTechnical Technical AspectAspectSocial&Social&Environmental Environmental AspectAspect5.Land Acquisition and Involuntary Resettlement6.

25、Biodiversity Conservation and Natural Resource Management7.Indigenous People8.Cultural Property and Heritage1.Social and Environmental Management System2.Labor and Working Conditions3.Pollution Prevention and Abatement and Climate Change4.Community Health,Safety and Security/Dam Safety1.Feedstock su

26、pply2.Product demand 3.Site related characteristic4.Engineering design5.Technology design/license6.Material and equipment specification7.Estimated total project cost8.Safety engineering9.Construction progress and S-curve analysis10.Construction contract11.O&M contract1.Corporate documents2.Inter-par

27、ty agreement3.Concession agreement4.Offtake Agreement5.Supply and purchase agreement6.Construction agreement7.O&M contract8.Financing agreement9.Security document10.Insurance policy11.Tax statusUNIQUE INVESTMENT APPROVAL PROCESS 14S&E DivisionPAM(Project Appraisal Memorandum)PRD(Project Review Docum

28、ent)PID(Project Information Document)DD(Due Diligence)SEDD(Social&Environment Due Diligence)and Corrective Action Plan(CAP)Investment CommitteeDistinctive feature of IIF compared to other FIs.IIF adopts Risk Rating Model(Probability of Default)from S&P Capital IQ for Project Finance and from Moodys

29、Analyticsfor Corporate Finance.IIF Sustainable Financing Steps7At pre-financing stage,to identify the project-affected social&environment risksAction points with target achievement dates,implemented for project lifetimeS&E Due DiligenceCorrective Action PlanSustainable Project Development&Operation1

30、6Challenges of Sustainable Financing Implementation Establishing ownership of the concept to all relevant parties Adapting the international standards to local wisdom Limited understanding of the sponsors on project finance conceptDeveloperDeveloper Limited understanding of a green infrastructure in a comprehensive concept Perceived expensive to implement Developer tends to expect immediate benefitsFinancing InstitutionFinancing Institution Adapting Sustainable Financing principles into the business process and culture(more challenging)