3. Introduction
PhD Capital is a independent financial and infrastructure advisory boutique with
significant power project development and fund raising experience. PhD Capital’s
principal has worked on a number of landmark transactions in emerging and developed
markets including but not limited to transactions in –
• Italy, Ireland, UK, Qatar, South Africa, Zambia and Turkey
Our History
PhD Capital was established in October 2008, by its founder after years in power project
financing and development with Edison Mission Energy (London) and Investment
Banking with Abbey National Treasury Services plc (London) and Investec Bank Limited
(Johannesburg)
Our Clients
We focus our services on Independent Power Producers, Developers, Utilities and
regulatory bodies.
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4. Introduction
Our Value
We provide expert advice the following areas bid preparation, project development,
contract negotiations support, financial modelling and financing of small to large scale
infrastructure projects
We are able to deliver trusted bankable advice due to -
• Our ability to engage with key stakeholders including sponsors, investors,
lenders, contractors, advisors, regulatory bodies and government entities.
• Ability to take projects to financial closure on time and within budget
• Knowledge of the markets and sectors we operate in
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5. Services
Advisory services include –
• Project development &
supervisory services
• Tender & bid support
• Feasibility studies
• Project & capital structuring
• Financial modelling
• Due diligence
• Research (country/sector)
• Re-financings
• Contract negotiations support
• Construction loan administration
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Fund raising services include -
• Senior debt
• Mezzanine & sub-debt
• Equity financing
• Development funding
• Strategic equity partners (BEE)
6. Sectors
• Energy
• Generation
• Transmission
• Distribution
• Water
• Desalination
• Water Treatment
Kelvin Power 600MW
Coal-fired Plant (SA)
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8. IPP & project development
We have significant experience in all facets in the development, financing, construction, and
operating and maintaining power projects from a management and financing perspective in the
following key areas –
- Leading transaction teams
- Preparing development budgets
- Selection and appointment of appropriate advisors
- Financial modelling
- Preparation and structuring of computer models
- Review of all input assumptions
- Preparing assumptions data book for model reviews
- Completing and arranging model audits
- Maintenance of financial models for borrowers or lenders
- Preparation of Project Information Memorandums for lenders or investors
- Supporting contract negotiations
- Drafting of Term Sheets (PPA, EPC, O&M, Shareholders and Finance etc.)
- Managing lenders due diligence process and steps to Financial Close
- Loan administration during construction and operations
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9. Selected IPP experience
Tynagh Energy 380 MW CCGT (Ireland) - development & financing phases
ISAB Energy 512MW IGCC (Italy) – development & financing phases
Kelvin Power Coal-fired 600MW (RSA) – operations, financing and workout phases
Doga Enerji CCGT180MW (Turkey) – financing, construction, commercial ops phases
Lakeland Power 220 MW gas-fired (UK) – commercial operations phase
Spalding 860 MW CCGT (UK) - financing phase
AES Barry 230 MW CCGT (UK) – operations and workout phase
Killingholme Power Plant 680 MW gas fired (UK) – operations and workout phase
Thupela Solar PV Plant (RSA) – development & financing phases
Aeolus Windfarm 44MW (Namibia) – development & financing phases
ITPP Hydro 120MW (Zambia) – development & financing phases
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11. Selected Transactions
Project/Client Sector Value/Size Country Role
Namibian Regulator
(“ECB”)
Wind & Solar N/A Namibia
Completed the design and development of a generic financial model to
evaluate renewable energy projects economic viability and bankability
submitted for regulatory approval to ECB. Successfully completed in 2015
ZIZABONA Project Transmission 400Kv
Zambia, Zimbabwe,
Namibia, Botswana
Project Coordinator and Supervisor , role included reviewing and
monitoring work streams of the Transaction (Fitchner of Germany) and
Environmental (SWECO of Sweden) advisors .
Genesis Eco-Energy
Wind and Solar
Portfolio
Various South Africa BEE equity sale advisor (2013)
ZIZIBONA – SAPP CC Transmission 400Kv
Zambia, Zimbabwe,
Namibia, Botswana
Sole financial advisor, led equity sale negotiations and completed Market
Study (2013)
ITezhi Tezhi Power Co
(IPP)
Hydro 120MW Zambia
Led transaction advisory team , role included selection and appointment
of advisors and selection of contractors.
Norconsult Africa Transmission 400Kv
Zambia, Zimbabwe,
Namibia, Botswana
Investment banking advisor for feasibility Study, role included project
capital structuring & framework, preparation of bankable financial model
Completed in 2012. Prepared Financial Model
Kariba North Bank
Extension (KNBE)
Hydro 360MW Zambia Led transaction advisory team , supported EPC contractor negotiations
Aeolus Wind Project Wind 44MW Namibia
Joint transaction advisor (Debt & equity) – led PPA negotiations, prepared
bankable financial model and PIM preparation.
Thupela Energy Solar PV 5MW South Africa
Appointed sole financial advisor for bid submission, prepared bid financial
model and PIM, Round 1 REIPPP – successfully secured all debt & equity
funding required for bid submission
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12. Peter Hunt-Davis
Introduction
Peter founded PhD Capital advisory business in October
2008, after spending over five years in the Project &
Infrastructure team at Investec Bank in Johannesburg.
Peter has accumulated over eighteen years’ experience
in banking and Infrastructure related projects since he
joined Edison Mission Energy an Global Power Project
developer in their London office as a senior financial
analyst in 1997 after joining from Dresdner Kleinwort
Benson Investment Bank (London). Peter was involved in
almost all their power projects in the UK, Turkey, Italy and
Spain.
Prior to joining Investec in April 2003, he worked at
Abbey National Treasury Services in the UK in the
Project Finance team, concluding a number of landmark
energy related deals and also was appointed onto a
number of lender steering committees on various power
projects in the UK that were facing potential liquidation
and defaulting on their loan obligations.
Peter holds a Bachelors Degree in Commerce and
completed his accounting articles with accounting firm
KPMG in 1992.
Previous experience
IST/Xstrata Co-generation Project (R500 million) – Secured and led Investec mandated advisory
team
Tynagh Energy (Ireland) 380 MW gas-fired plant – Investec Development team, financial modelling
and funding (Investec held a 40% equity stake) - Financial close completed August 2004
Kelvin Power Plant (600MW coal-fired) debt restructuring – led lenders and Plant stabilisation team
Kelvin Power Plant (600MW coal-fired) equity sale – led sales process – completed August 2007
Ferrybridge & Fiddlers Ferry 4000 MW Coal fired plants (UK) 1999 – Member of EME bid team,
prepared bid financial model and supported final negotiations. Successfully completed 1999
Doga Enerji (Turkey) 180 MW CCGT – Construction loan facility management & financial modelling
First Hydro pump storage facility (UK) - 600MW - Financial modelling
Lakeland (UK) - 220 MW Gas-fired plant equity acquisition – Financial modelling
Spalding CCGT (UK) 860 MW – Abbey MLA team, credit application, loan documentation etc.
Qatar GTL Project US$ 750million – Abbey MLA team, credit application & loan documentation etc.
AES Barry (UK) 230 MW CCGT – Appointed to lenders Steering Committee
Killingholme (UK) 680 MW gas fired power plant – Appointed to lenders Steering Committee
Edipower (Italy) Acquisition facility US$3,6 bn – Abbey Lead Arranging team, credit app and docs
Kelvin Power Station – supported existing shareholder in PPA re-negotiations with City power
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