JBIC Project Finance Initiatives

JBIC Project Finance InitiativesJapanese Business and Global Prosperity

P R O J E C T F I N A N C E

IntroductionProject finance means a financial structure in which repayments for a loan provided for a project are made exclusively from the cash flows generated by the project while security for the loan is limited to the project assets, rights, and interests.As project finance involves many participants and requires a diverse set of contracts, the negotiation process is very complicated. The participation of the Japan Bank for International Cooperation (JBIC) inthese projects is expected to provide benefits such as strengthening the project structure and facilitating the negotiation and coordination process for financial structuring as well as reducing political risk associated with doing business in developing countries.This booklet explains the role JBIC has played in the ever-changing world of project finance by providing examples of projects in which JBIC was involved.It is also intended to assist Japanese companies planning to undertake such projects and finantial institutions considering cofinancing with JBIC gain greater understanding of the process of structuring project finance. We hope this booklet will provide insight into the nature and role of JBIC’s involvement in overseas projectfinance and encourage increasing numbers of Japanese companies to actively develop their overseas operations taking advantage of JBIC’s functions.

32

C O N T E N T S

JBIC Finance Menu

Project Finance and JBIC

Loan Flowchart

Project Case Studies

Topics

4

6

8

10

22

11

Every year, JBIC receives a number of awards from project finance journals for its loan and guarantee projects in various regions and sectors, including “Deal of the Year” and “Global Multilateral of the Year”. JBIC will continue to support the overseas business deployment and the export of plant machinery and equipment of Japanese companies, by drawing on its various financial facilities and programs for structuring projects, and performing its risk-taking function.

Topics Contacts

Infrastructure and Environment Finance GroupNew Energy and Power Finance Department I (Secretariat of Project Finance Committee)Tel: 81-3-5218-3062New Energy and Power Finance Department II Tel: 81-3-5218-3412Social Infrastructure Finance DepartmentTel: 81-3-5218-3058

Energy and Natural Resources Finance GroupOil and Gas Finance DepartmentTel: 81-3-5218-3513Mining and Metals Finance DepartmentTel: 81-3-5218-3514

Industry Finance GroupCorporate Finance DepartmentTel: 81-3-5218-3574Marine and Aerospace Finance/Financial Products DepartmentTel: 81-3-5218-3576West Japan OfficeTel: 81-6-6311-2520

2322

JBIC organizes lectures and seminars by JBIC officers based on their financing experience at educational institutions, which aim to nurture highly-skilled, internationally minded professionals, such as the Graduate School of Management of Kyoto University and the Graduate School of Hitotsubashi University, to contribute to promoting students’ understanding of the practice of project finance, academic research and the development of advanced professionals. Through partnership with such institutions, JBIC believes that it can offer robust support to integrated infrastructure projects and resource development projects to be undertaken by Japanese companies, by leveraging and building upon the project financing work, theory, expertise, and experience it has accumulated through projects related to overseas energy resources and private-sector infrastructure projects. In addition to the above, JBIC holds seminars on project finance for private groups and public agencies including regional banks, the Japan Machinery Center for Trade and Investment, and The Japan Society of Industrial Machinery Manufacturers, which have strong interests in project financing projects. Also, overseas, JBIC is working proactively to build capacity in various industry groups such as The International Project Finance Association (IPFA) and public financial institutions in the Asian region with strong interests in infrastructure development.


Introduction

Project finance means a financial structure in which repayments for a loan provided for a project are made exclusively from the cash flows generated by the project while security for the loan is limited to the project assets, rights, and interests.As project finance involves many participants and requires a diverse set of contracts, the negotiation process is very complicated. The participation of the Japan Bank for International Cooperation (JBIC) inthese projects is expected to provide benefits such as strengthening the project structure and facilitating the negotiation and coordination process for financial structuring as well as reducing political risk associated with doing business in developing countries.This booklet explains the role JBIC has played in the ever-changing world of project finance by providing examples of projects in which JBIC was involved.It is also intended to assist Japanese companies planning to undertake such projects and finantial institutions considering cofinancing with JBIC gain greater understanding of the process of structuring project finance. We hope this booklet will provide insight into the nature and role of JBIC’s involvement in overseas projectfinance and encourage increasing numbers of Japanese companies to actively develop their overseas operations taking advantage of JBIC’s functions.

32

C O N T E N T S

JBIC Finance Menu


Finance Flowchart


4

6

8

10

22 Topics

｢ﾌﾟﾛｼﾞｪｸﾄﾌｧｲﾅﾝｽのこ案内｣【英語版】　

表面

Sponsors (②Japanese

companies and others)

Project Company

Fuel Suppliers

EPC*2 Contractors (①Japanese

exporters and others)

O&M*1 Company

Operation and Maintenance

Equity

Support

Power PurchaseAgreement

Loans

Fuel Supply

EPC ContractOff takers

(National Power Companies and others)

Government of Host Country

Lenders

PrivateFinancial

InstitutionsJBIC

③Guarantees

JBIC offers a varied financial menu that includes export loans, import loans, overseas investment loans, resource finance, untied loans,

guarantees and equity participations.JBIC extends project finance utilizing this financial menu

along with various financial schemes to provide multidimensional supportfor overseas economic activities undertaken by Japanese companies.

A Variety of Financial Schemes for Supporting the OverseasBusiness of Japanese Companies

Overseas investment loans are intended for overseas investments by Japanese companies, whichcontribute to the competitiveness of Japaneseindustries or import of natural resources. Foreign investment involves risks such as an abrupt shift ineconomic and regulatory policy in the host country,fiscal collapse, or economic turmoil. As a publiclender, JBIC seeks to mitigate such risks throughdialogue and negotiation with host countrygovernments and government agencies. With respect to project finance, JBIC providesguarantees to assist private financial institutions thatparticipate in cofinancing, mainly under overseasinvestment loans.

Apart from these services, JBIC also supportssmooth project implementation through measuresincluding extending loans for infrastructure relatedto the project, such as road and port facilities fortransporting fuel and products.

Export loans support the export of Japanese plants and technology. Buyer’s credit (B/C) to foreign importers is utilized for project finance. A major portion of Japan's plant industry consistsof small and medium-sized enterprises. The export of plants through their collective technologies, such as power generating facilities and communications facilities, contributes to the development of a broad spectrum of industries. Although the provision of long-term financing to developing countries involves political risks that may arise from changes in domestic situations, export loans extended by JBIC are well suited to deal with such risks.

Export Loans

Overseas Investment Loans / Guarantees

Applicable Financial Methods①When Japanese companies

participate as EPC contractors—Export Loans

②When Japanese companies participate as sponsors—Overseas Investment Loans③When guarantees are

provided for loans by private financial institutions—Guarantees

*1 O&M: Operation & Maintenance; firms that undertake project operation and maintenance

*2 EPC: Engineering, procurement and construction

Project Structure (Power Project)

JBIC Finance Menu

54


裏面

Sponsors (②Japanese

companies and others)

Project Company

Fuel Suppliers

EPC*2 Contractors (①Japanese

exporters and others)

O&M*1 Company

Operation and Maintenance

Equity

Support

Power PurchaseAgreement

Loans

Fuel Supply

EPC ContractOff takers

(National Power Companies and others)

Government of Host Country

Lenders

PrivateFinancial

InstitutionsJBIC

③Guarantees

JBIC offers a varied financial menu that includes export loans, import loans, overseas investment loans, resource finance, untied loans,

guarantees and equity participations.JBIC extends project finance utilizing this financial menu

along with various financial schemes to provide multidimensional supportfor overseas economic activities undertaken by Japanese companies.

A Variety of Financial Schemes for Supporting the OverseasBusiness of Japanese Companies

Overseas investment loans are intended for overseas investments by Japanese companies, whichcontribute to the competitiveness of Japaneseindustries or import of natural resources. Foreign investment involves risks such as an abrupt shift ineconomic and regulatory policy in the host country,fiscal collapse, or economic turmoil. As a publiclender, JBIC seeks to mitigate such risks throughdialogue and negotiation with host countrygovernments and government agencies. With respect to project finance, JBIC providesguarantees to assist private financial institutions thatparticipate in cofinancing, mainly under overseasinvestment loans.

Apart from these services, JBIC also supportssmooth project implementation through measuresincluding extending loans for infrastructure relatedto the project, such as road and port facilities fortransporting fuel and products.

Export loans support the export of Japanese plants and technology. Buyer’s credit (B/C) to foreign importers is utilized for project finance. A major portion of Japan's plant industry consistsof small and medium-sized enterprises. The export of plants through their collective technologies, such as power generating facilities and communications facilities, contributes to the development of a broad spectrum of industries. Although the provision of long-term financing to developing countries involves political risks that may arise from changes in domestic situations, export loans extended by JBIC are well suited to deal with such risks.

Export Loans

Overseas Investment Loans / Guarantees

Applicable Financial Methods①When Japanese companies

participate as EPC contractors—Export Loans

②When Japanese companies participate as sponsors—Overseas Investment Loans③When guarantees are

provided for loans by private financial institutions—Guarantees

*1 O&M: Operation & Maintenance; firms that undertake project operation and maintenance

*2 EPC: Engineering, procurement and construction

Project Structure (Power Project)

JBIC Finance Menu

54


表面

Recent Trends in Loan Balance (Unit: US$ million)

Loan Commitment Amount by Region (as of March 31, 2015)

Middle East26.3%

Africa5.1%

Americas24.3%

Russia6.3%

Oceania14.5%

Europe 5.1%

Asia18.5%

Loan Commitment Amount by Sector(as of March 31, 2015)

Power & Water30.5%

Other0.8%

Manufacturing1.1%Refinery & Petrochemical9.2%

Ship 8.6%

Transportation4.9%

Nuclear & Renewable Energy1.3%

Mining & Metals8.7%

Oil & Gas34.9%

China● Guangdong Zhuhai Coal-Fired Power Project● Shell/Cnooc Nanhai Petrochemical Project

Peru● Cerro Verde Copper Mine Project● Antamina Copper & Zinc Mine Project

Colombia● Cusiana Pipeline Project

Mexico● Tuxpan 5 Natural Gas-Fired Combined Cycle Power Project● Valladolid 3 Natural Gas-Fired Combined Cycle Power Project● Gas Natural Power Asset Acquisition etc.

Australia● Gorgon LNG Project● Ichthys LNG Project● Roy Hill Iron Ore Mine Project● LNG Tanker （Ichthys LNG project） etc.

UAE● Taweelah B Natural Gas-Fired Combined Cycle Power & Desalination Project● Fujairah F2 Natural Gas-Fired Combined Cycle Power & Desalination Project● Shuweihat S2 Natural Gas-Fired Combined Cycle Power & Desalination Project● Shuweihat S3 Natural Gas-Fired Combined Cycle Power Project

Saudi Arabia● Rabigh Oil Refinery & Petrochemical Project (Phases 1&2)● Jubail Oil Refinery Project

Jordan● Amman East Natural Gas-Fired Combined Cycle Power Project● Shams Ma'an Photovoltaic Power Project

Tunisia● Rades 2 Natural Gas-Fired Combined Cycle Power Project

Bulgaria● Kaliakra Wind Power Project

United Kingdom● Intercity Express Programme (GWML, ECML)● Westermost Rough Offshore Wind Power Project

Turkey● STAR Oil Refinery Project etc.

Philippines● Mirant Power Asset Acquisition etc.

Vietnam● Phu My 2 Phase 2 Natural Gas-Fired Combined Cycle Power Project● Phu My 3 Natural Gas-Fired Combined Cycle Power Project● Nghi Son Oil Refinery and Petrochemical Complex Project etc.

Thailand● BLCP Coal-Fired Power Project● Kaeng Khoi 2 Natural Gas-Fired Combined Cycle Power Project● Ratchaburi Natural Gas-Fired Combined Cycle Power Project● Nong Saeng Natural Gas-Fired Combined Cycle Power Project● U-Thai Natural Gas-Fired Combined Cycle Power Project● Khanom 4 Natural Gas-Fired Combined Cycle Power Project etc.

Indonesia● Paiton Coal-Fired Power Project (Expansion & Acquisition)● Tanjung Jati B Coal-Fired Power Plant Expansion Project● Cirebon Coal-Fired Power Project● Sarulla Geothermal Power Project● Rajamandala Hydro Power Project● Donggi-Senoro LNG Project etc.

Brunei● Methanol Manufacturing Project

Chile● Caserones Copper Mine Project● Sierra Gorda Copper Mine Project● Cochrane Coal-Fired Power Project● Antucoya Copper Mine Project etc.

Russian Federation● Sakhalin 2 (Phases 1&2) Project

Azerbaijan, Georgia, Turkey● Baku-Tbilisi-Ceyhan Pipeline Project

Papua New Guinea● PNG LNG Project

Venezuela● Methanol Manufacturing Project

Brazil● Tambau/Urugua FPSO Project● Lula FPSO Project● Guara FPSO Project● Cernambi Sul FPSO Project● Cernambi Norte FPSO Project● Lapa (formerly Carioca) FPSO Project etc.

Morocco● Jorf Lasfar Coal-Fired Power Plant Expansion Project● Safi Coal-Fired Power Project

Egypt● ERC Oil Refinery Project

Mozambique● Mozal 2 Aluminum Smelter Project

Madagascar● Ambatovy Nickel Mine Project

Bahrain● Al Hidd Natural Gas-Fired Combined Cycle Power & Desalination Project

Qatar● Mesaieed A Natural Gas-Fired Combined Cycle Power Project● Ras Laffan C Natural Gas-Fired Combined Cycle Power & Desalination Project

Oman● Sohar Fertilizer Plant Project● Sur Natural Gas-Fired Combined Cycle Power Project● Al Ghubrah Desalination Project etc.

Yemen● Yemen LNG Project

Canada● Renewable Energy Power Project


Following steady progress into the mid-1990s, project finance entered a temporary period ofstagnation due to the emergence of political risks such as the Asian currency crisis that occurred in the late 1990s, balance sheet recession among Japanese companies, and the added impact of revisions in developing country portfolios by European and U.S. power companies. However, against the backdrop of the subsequent strong recovery and expansion of developing economies, which became markets with solid potential for return on investment, and the widening acceptance of the concept of public-private partnerships (PPP) among developing countries, the demand for financing has increased as demand for infrastructure development increased. In turn, the number of project finance loans has steadily grown, despite the temporary stagnation stemming from the Lehman Shock in 2008.

Recent Trends in Project Finance

Since providing the first project finance loan in 1986 for the LNG Development Project in West Australia, JBIC has steadily expanded its sectoral reach into mineral resources, power and manufacturing. It has also expanded its operations geographically from Latin America and Asia to include Africa and the Middle East.JBIC established its Project Finance Office in 1988 as a specialized division for dealing with project finance. Since then JBIC has assumed a pioneering role among public financial institutions and has steadily built a track record in this area. In July 2008, JBIC’s banking departments were re-configured so as to allow each finance department to offer project finance to its customers, with a view to further mainstreaming project finance.

Building upon a Solid Track Record to Meet Diverse Financing Needs

Network

By fully leveraging its abilities as a policy-based financial institution, JBIC contributes to reducing and mitigating political risks of developing countries, leads negotiations and due diligence, plays the role of coordinator with international institutions and overseas government institutions on project structuring, and also takes the lead in conducting negotiations on project restructuring. JBIC’s scope of financing has also expanded into projects that bear demand and product price risks as well as mezzanine financing. We plan to actively undertake projects in the areas of transportation and telecommunications as well as renewable energy sources. In line with the dramatic increase of projects in the Middle East, we are also taking on the challenge of cooperation with financing within the framework of Islamic law, in order to ensure that financing for such projects are structured efficiently. We plan to support Japanese companies in seizing new business opportunities by structuring “tailor-made” financing in response to the specific characteristics of projects that have become increasingly diversified, and by providing “hybrid” solutions combining various products offered by other public institutions and private financial institutions.

JBIC’s Roles and Functions in Project Finance

Dubai

Moscow

London

Paris

BeijingTokyo

Osaka

Bangkok

Hanoi

Jakarta

New Delhi

Manila

Singapore

New YorkWashington, D.C.

Buenos Aires

Mexico City

Rio de Janeiro

Laos● Nam Ngiep 1 Hydro Power Project

United States of America● CO2-EOR Project● Cameron LNG Project● Freeport LNG Project

Kuwait● Az-Zour North Phase 1 Natural Gas-Fired Combined Cycle Power & Desalination Project

Ghana● Ghana TEN FPSO Project

76

$1,190.00

$4,976.14

$8,971.57

$4,770.69

$12,155.65

$0

$2,500

$5,000

$7,500

$10,000

$12,500

2010 2011 2012 2013 2014


裏面

Recent Trends in Loan Balance (Unit: US$ million)

Loan Commitment Amount by Region (as of March 31, 2015)

Middle East26.3%

Africa5.1%

Americas24.3%

Russia6.3%

Oceania14.5%

Europe 5.1%

Asia18.5%

Loan Commitment Amount by Sector(as of March 31, 2015)

Power & Water30.5%

Other0.8%

Manufacturing1.1%Refinery & Petrochemical9.2%

Ship 8.6%

Transportation4.9%

Nuclear & Renewable Energy1.3%

Mining & Metals8.7%

Oil & Gas34.9%

China● Guangdong Zhuhai Coal-Fired Power Project● Shell/Cnooc Nanhai Petrochemical Project

Peru● Cerro Verde Copper Mine Project● Antamina Copper & Zinc Mine Project

Colombia● Cusiana Pipeline Project

Mexico● Tuxpan 5 Natural Gas-Fired Combined Cycle Power Project● Valladolid 3 Natural Gas-Fired Combined Cycle Power Project● Gas Natural Power Asset Acquisition etc.

Australia● Gorgon LNG Project● Ichthys LNG Project● Roy Hill Iron Ore Mine Project● LNG Tanker （Ichthys LNG project） etc.

UAE● Taweelah B Natural Gas-Fired Combined Cycle Power & Desalination Project● Fujairah F2 Natural Gas-Fired Combined Cycle Power & Desalination Project● Shuweihat S2 Natural Gas-Fired Combined Cycle Power & Desalination Project● Shuweihat S3 Natural Gas-Fired Combined Cycle Power Project

Saudi Arabia● Rabigh Oil Refinery & Petrochemical Project (Phases 1&2)● Jubail Oil Refinery Project

Jordan● Amman East Natural Gas-Fired Combined Cycle Power Project● Shams Ma'an Photovoltaic Power Project

Tunisia● Rades 2 Natural Gas-Fired Combined Cycle Power Project

Bulgaria● Kaliakra Wind Power Project

United Kingdom● Intercity Express Programme (GWML, ECML)● Westermost Rough Offshore Wind Power Project

Turkey● STAR Oil Refinery Project etc.

Philippines● Mirant Power Asset Acquisition etc.

Vietnam● Phu My 2 Phase 2 Natural Gas-Fired Combined Cycle Power Project● Phu My 3 Natural Gas-Fired Combined Cycle Power Project● Nghi Son Oil Refinery and Petrochemical Complex Project etc.

Thailand● BLCP Coal-Fired Power Project● Kaeng Khoi 2 Natural Gas-Fired Combined Cycle Power Project● Ratchaburi Natural Gas-Fired Combined Cycle Power Project● Nong Saeng Natural Gas-Fired Combined Cycle Power Project● U-Thai Natural Gas-Fired Combined Cycle Power Project● Khanom 4 Natural Gas-Fired Combined Cycle Power Project etc.

Indonesia● Paiton Coal-Fired Power Project (Expansion & Acquisition)● Tanjung Jati B Coal-Fired Power Plant Expansion Project● Cirebon Coal-Fired Power Project● Sarulla Geothermal Power Project● Rajamandala Hydro Power Project● Donggi-Senoro LNG Project etc.

Brunei● Methanol Manufacturing Project

Chile● Caserones Copper Mine Project● Sierra Gorda Copper Mine Project● Cochrane Coal-Fired Power Project● Antucoya Copper Mine Project etc.

Russian Federation● Sakhalin 2 (Phases 1&2) Project

Azerbaijan, Georgia, Turkey● Baku-Tbilisi-Ceyhan Pipeline Project

Papua New Guinea● PNG LNG Project

Venezuela● Methanol Manufacturing Project

Brazil● Tambau/Urugua FPSO Project● Lula FPSO Project● Guara FPSO Project● Cernambi Sul FPSO Project● Cernambi Norte FPSO Project● Lapa (formerly Carioca) FPSO Project etc.

Morocco● Jorf Lasfar Coal-Fired Power Plant Expansion Project● Safi Coal-Fired Power Project

Egypt● ERC Oil Refinery Project

Mozambique● Mozal 2 Aluminum Smelter Project

Madagascar● Ambatovy Nickel Mine Project

Bahrain● Al Hidd Natural Gas-Fired Combined Cycle Power & Desalination Project

Qatar● Mesaieed A Natural Gas-Fired Combined Cycle Power Project● Ras Laffan C Natural Gas-Fired Combined Cycle Power & Desalination Project

Oman● Sohar Fertilizer Plant Project● Sur Natural Gas-Fired Combined Cycle Power Project● Al Ghubrah Desalination Project etc.

Yemen● Yemen LNG Project

Canada● Renewable Energy Power Project


Following steady progress into the mid-1990s, project finance entered a temporary period ofstagnation due to the emergence of political risks such as the Asian currency crisis that occurred in the late 1990s, balance sheet recession among Japanese companies, and the added impact of revisions in developing country portfolios by European and U.S. power companies. However, against the backdrop of the subsequent strong recovery and expansion of developing economies, which became markets with solid potential for return on investment, and the widening acceptance of the concept of public-private partnerships (PPP) among developing countries, the demand for financing has increased as demand for infrastructure development increased. In turn, the number of project finance loans has steadily grown, despite the temporary stagnation stemming from the Lehman Shock in 2008.

Recent Trends in Project Finance

Since providing the first project finance loan in 1986 for the LNG Development Project in West Australia, JBIC has steadily expanded its sectoral reach into mineral resources, power and manufacturing. It has also expanded its operations geographically from Latin America and Asia to include Africa and the Middle East.JBIC established its Project Finance Office in 1988 as a specialized division for dealing with project finance. Since then JBIC has assumed a pioneering role among public financial institutions and has steadily built a track record in this area. In July 2008, JBIC’s banking departments were re-configured so as to allow each finance department to offer project finance to its customers, with a view to further mainstreaming project finance.

Building upon a Solid Track Record to Meet Diverse Financing Needs

Network

By fully leveraging its abilities as a policy-based financial institution, JBIC contributes to reducing and mitigating political risks of developing countries, leads negotiations and due diligence, plays the role of coordinator with international institutions and overseas government institutions on project structuring, and also takes the lead in conducting negotiations on project restructuring. JBIC’s scope of financing has also expanded into projects that bear demand and product price risks as well as mezzanine financing. We plan to actively undertake projects in the areas of transportation and telecommunications as well as renewable energy sources. In line with the dramatic increase of projects in the Middle East, we are also taking on the challenge of cooperation with financing within the framework of Islamic law, in order to ensure that financing for such projects are structured efficiently. We plan to support Japanese companies in seizing new business opportunities by structuring “tailor-made” financing in response to the specific characteristics of projects that have become increasingly diversified, and by providing “hybrid” solutions combining various products offered by other public institutions and private financial institutions.

JBIC’s Roles and Functions in Project Finance

Dubai

Moscow

London

Paris

BeijingTokyo

Osaka

Bangkok

Hanoi

Jakarta

New Delhi

Manila

Singapore

New YorkWashington, D.C.

Buenos Aires

Mexico City

Rio de Janeiro

Laos● Nam Ngiep 1 Hydro Power Project

United States of America● CO2-EOR Project● Cameron LNG Project● Freeport LNG Project

Kuwait● Az-Zour North Phase 1 Natural Gas-Fired Combined Cycle Power & Desalination Project

Ghana● Ghana TEN FPSO Project

76

$1,190.00

$4,976.14

$8,971.57

$4,770.69

$12,155.65

$0

$2,500

$5,000

$7,500

$10,000

$12,500

2010 2011 2012 2013 2014


表面

Neg

otia

tions

for

the

secu

rity

pac

kage

Po

ints

Sup

po

rt b

y JB

ICS

tep

s in

Pro

ject

Str

uctu

ring Sp

ons

ors

JBIC

STEP1 STEP2 STEP3 (Note 3) STEP4 STEP5

Consideration of the basic project structure

JBICProjectFinance(PF)ApplicationForm andFee Letter (Note 2)

Beginningof full-scale due diligence(Note 4)

Support for project structuring

Due diligence of thebasic structure

Submission of project outline(Note 1)

Submission

Further consideration of the structure and provision of information to JBIC

Confirmation of the structure and information-sharing

Retaining of advisors, such as legal advisors, technical advisors and insurance advisors

Doc

umen

tatio

n of

fina

ncin

g an

d v

ario

us p

roje

ct d

ocum

ents

Kic

k-of

f mee

ting

Neg

otia

tions

for F

inan

ce T

erm

She

et

and

var

ious

pro

ject

doc

umen

ts

Agr

eem

ent o

n Fi

nanc

e Te

rm S

heet

an

d v

ario

us p

roje

ct d

ocum

ents

(Not

e 5)

Agr

eem

ent o

n te

rms

of fi

nanc

ing

doc

umen

ts

Fina

ncin

g d

ocum

ents

sig

ning

Satisfaction of conditions precedentto drawdown

Completion of construction and subsequent operation & maintenance of the project

First drawdown Project monitoring

Bo

ard

ap

pro

val

(No

te 5

)


JBIC provides information and expertise to strengthen the structure of projects and contributes to strengthening project security through negotiation and coordination making use of our status as a policy-based financial institution and via the alleviation of risks through dialogues at the governmental level.

• Sponsors submit a project outline to JBIC at an early stage as soon as the possibility of utilizing JBIC arises.

• JBIC reviews the following factors: 1) extent of participation by Japanese companies; 2) significance of interests for Japan; 3) trends in the relevant sector and supply-demand situation for target product; 4) the host country’s level of support; 5) the host country’s legal framework; and 6) ability to cofinance with private financial institutions.

• Sponsors consider the basic structure, such as risk sharing and debt/equity ratio.

• The sponsors’ sufficient assessment of the basic structure at initial stages facilitates the subsequent process.

• Discuss the basic structure with sponsors and advise on the types of financial instruments that may be applied.

• Provide advice to sponsors about the possibility of applying project finance based on information provided by the sponsors.

• Provision of information through our overseas network.

• Provision of advice based on our track record of structuring project finance in developing countries.

• Provide additional advice to sponsors, in order to further consider the financing of their proposal and provide feedback as to the areas within their proposal which require more analysis or information.

• Concrete proposals for scheduling and other items.• Based on the results of due diligence, JBIC formulates a

Clarification Memo.

• Assume lead role in coordinating project participants as the main lender or as a policy-based financial institution.

• Propose and negotiate appropriate risk-sharing.

• Assist in alleviating risks through measures such as dialogue with the host government, etc.

• Monitor environmental and social aspects of the project.

• Assume the role of alleviating risk as a policy-based financial institution, in the event that political risks materialize.


• Issues requiring negotiation among the parties are confirmed at the kick-off meeting and procedures for project structuring are discussed.

• The project’s risk factors are identified according to specific project characteristics. Project participants draft a concrete risk-sharing proposal reflecting their respective priorities and needs. This process is referred to as structuring the security package.

• Negotiations are conducted on a Finance Term Sheet, the principal terms of financing documents, and various project-related documents, reflecting the terms of the security package.

• The agreements in the Finance Term Sheet are embodied in relevant documents. At the same time, agreements regarding each of the project-related documents are also documented. Cooperating with various advisors, such as legal advisors, will contribute to acceleration of work.

• JBIC prepares final board approval to extend the loan after the documents are finalized.

• JBIC makes first disbursement following the satisfaction of the conditions precedent.

• JBIC monitors construction status during the drawdown period.

• After project completion, JBIC continues monitoring operations of the project.

• Based on the results of JBIC’s consideration, the sponsors submit to JBIC “the PF Application Form”, which formally requests due diligence for extending a project finance loan, as well as the “Fee Letter”, which concurrently serves as a payment agreement for advisor fees as well as business trip expenses.

• JBIC starts selecting legal advisors who will act on behalf of lenders (if necessary, JBIC may retain its own legal advisors).

• JBIC receives all documents related to the project; full-scale due diligence procedures begin at this stage.

(Note 1) In the case of export loans in which the party requesting project finance (Japanese exporter) and the beneficiary (sponsor) are often different, JBIC considers the suitability and feasibility of project finance in light of the content of the export contract and the significance of JBIC’s support, in addition to structuring and risk-sharing analysis.

(Note 3) In the case of export loans, the basic financing terms (e.g., loan amount, JBIC portion, interest rate, repayment period and method, risk premium) are based on the OECD Arrangement on Officially Supported Export Credits.

(Note 2) In the case of export loans, the Japanese exporter prepares and submits the PF Application Form (However, the Fee Letter which serves as a payment agreement for advisor fees as well as business trip expenses is ordinarily submitted by the sponsor).

(Note 4) The Preliminary Credit Committee may be convened at the start of the considerations, depending upon the nature and scale of the project.

(Note 5) The Board of Directors, Credit Committee, and other committees may be convened when decisions are made, depending upon the nature and scale of the project.

Leveraging Our Status as a Policy-based Financial Institution,JBIC Offers Support and Advice at Each Step of Finance Structuring

The chart below is an example of an overseas investment loan extended by JBIC. In the case of an export loan, after the exporter submits a project outline, negotiations are undertaken with the borrower (see notes).

Finance Flowchart

98


裏面

Neg

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tions

for

the

secu

rity

pac

kage

Po

ints

Sup

po

rt b

y JB

ICS

tep

s in

Pro

ject

Str

uctu

ring Sp

ons

ors

JBIC

STEP1 STEP2 STEP3 (Note 3) STEP4 STEP5

Consideration of the basic project structure

JBICProjectFinance(PF)ApplicationForm andFee Letter (Note 2)

Beginningof full-scale due diligence(Note 4)

Support for project structuring

Due diligence of thebasic structure

Submission of project outline(Note 1)

Submission

Further consideration of the structure and provision of information to JBIC

Confirmation of the structure and information-sharing


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Satisfaction of conditions precedentto drawdown

Completion of construction and subsequent operation & maintenance of the project

First drawdown Project monitoring

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JBIC provides information and expertise to strengthen the structure of projects and contributes to strengthening project security through negotiation and coordination making use of our status as a policy-based financial institution and via the alleviation of risks through dialogues at the governmental level.

• Sponsors submit a project outline to JBIC at an early stage as soon as the possibility of utilizing JBIC arises.

• JBIC reviews the following factors: 1) extent of participation by Japanese companies; 2) significance of interests for Japan; 3) trends in the relevant sector and supply-demand situation for target product; 4) the host country’s level of support; 5) the host country’s legal framework; and 6) ability to cofinance with private financial institutions.

• Sponsors consider the basic structure, such as risk sharing and debt/equity ratio.

• The sponsors’ sufficient assessment of the basic structure at initial stages facilitates the subsequent process.

• Discuss the basic structure with sponsors and advise on the types of financial instruments that may be applied.

• Provide advice to sponsors about the possibility of applying project finance based on information provided by the sponsors.

• Provision of information through our overseas network.

• Provision of advice based on our track record of structuring project finance in developing countries.

• Provide additional advice to sponsors, in order to further consider the financing of their proposal and provide feedback as to the areas within their proposal which require more analysis or information.

• Concrete proposals for scheduling and other items.• Based on the results of due diligence, JBIC formulates a

Clarification Memo.

• Assume lead role in coordinating project participants as the main lender or as a policy-based financial institution.

• Propose and negotiate appropriate risk-sharing.

• Assist in alleviating risks through measures such as dialogue with the host government, etc.


• Assume the role of alleviating risk as a policy-based financial institution, in the event that political risks materialize.


• Issues requiring negotiation among the parties are confirmed at the kick-off meeting and procedures for project structuring are discussed.

• The project’s risk factors are identified according to specific project characteristics. Project participants draft a concrete risk-sharing proposal reflecting their respective priorities and needs. This process is referred to as structuring the security package.

• Negotiations are conducted on a Finance Term Sheet, the principal terms of financing documents, and various project-related documents, reflecting the terms of the security package.

• The agreements in the Finance Term Sheet are embodied in relevant documents. At the same time, agreements regarding each of the project-related documents are also documented. Cooperating with various advisors, such as legal advisors, will contribute to acceleration of work.

• JBIC prepares final board approval to extend the loan after the documents are finalized.

• JBIC makes first disbursement following the satisfaction of the conditions precedent.

• JBIC monitors construction status during the drawdown period.

• After project completion, JBIC continues monitoring operations of the project.

• Based on the results of JBIC’s consideration, the sponsors submit to JBIC “the PF Application Form”, which formally requests due diligence for extending a project finance loan, as well as the “Fee Letter”, which concurrently serves as a payment agreement for advisor fees as well as business trip expenses.

• JBIC starts selecting legal advisors who will act on behalf of lenders (if necessary, JBIC may retain its own legal advisors).

• JBIC receives all documents related to the project; full-scale due diligence procedures begin at this stage.

(Note 1) In the case of export loans in which the party requesting project finance (Japanese exporter) and the beneficiary (sponsor) are often different, JBIC considers the suitability and feasibility of project finance in light of the content of the export contract and the significance of JBIC’s support, in addition to structuring and risk-sharing analysis.

(Note 3) In the case of export loans, the basic financing terms (e.g., loan amount, JBIC portion, interest rate, repayment period and method, risk premium) are based on the OECD Arrangement on Officially Supported Export Credits.

(Note 2) In the case of export loans, the Japanese exporter prepares and submits the PF Application Form (However, the Fee Letter which serves as a payment agreement for advisor fees as well as business trip expenses is ordinarily submitted by the sponsor).

(Note 4) The Preliminary Credit Committee may be convened at the start of the considerations, depending upon the nature and scale of the project.

(Note 5) The Board of Directors, Credit Committee, and other committees may be convened when decisions are made, depending upon the nature and scale of the project.

Leveraging Our Status as a Policy-based Financial Institution,JBIC Offers Support and Advice at Each Step of Finance Structuring

The chart below is an example of an overseas investment loan extended by JBIC. In the case of an export loan, after the exporter submits a project outline, negotiations are undertaken with the borrower (see notes).

Finance Flowchart

98


表面

United States of America United States of AmericaProject CompanyEPC Contractors

Sponsors

Liquefaction Consigners

Escrow Accounts

Japanese Electric Power Companies& Japanese Gas Companies

LNG Sale

Loan LoanMitsui, MC, ENGIE

Liquefaction Charge

Commercial BanksJBIC

EORProject Company

Borrower

The U.S. Department of Energy

Hilcorp

Senior Lenders

Commercial Banks

Payment

Equity

Equity

Equity

SubsidyExhaust Gas

Supply

Sale

Repayment

CO2 SupplyCCS Construction, etc.

Off takersEPC Contractors

NRG Texas

JBIC

Plant Construction, etc.

Equity

LNG Offtakes

RepaymentSenior Lenders

Escrow Accounts

EPC Contractors

Sponsors

Cameron LNG ProjectProject 1

Oil & Gas

Project Outline Project Description: Construct a new liquefaction plant in an existing LNG receiving base and produce 12 million tons of LNG per annum.

Project Company: Cameron LNG, LLC incorporated in the United Sates

Location: Louisiana, the United Sates

Loan Signing: August 6, 2014

Sponsors: Sempra Energy, ENGIE, Mitsui & Co., Ltd. (Mitsui), Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha

Related Japanese Companies: Mitsui, MC, Nippon Yusen Kabushiki Kaisha, Chiyoda Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited, Mitsubishi UFJ Trust and Banking Corporation, The Norinchukin Bank, Shinsei Bank, Limited, Aozora Bank, Ltd., Shinkin Central Bank, The Chiba Bank Ltd. and The Shizuoka Bank Ltd.

Total Cofinancing Amount: USD 7,415 million

JBIC Loan Amount: USD 2,500 million

Loan Outline■ Mitsui and MC have obtained two-thirds of the liquefaction plant use rights in terms of total production (12 million

tons per annum), and sell LNG produced from the plant to Japanese electric power companies and Japanese gas companies, etc.

■ This is the first project involving the exportation of LNG from the U.S. mainland to Japan based on a long-term contract using the price of the U.S. natural gas market, in response to the urgent issue concerning Japanese energy policy of the diversification of LNG supply sources and prices.

■ Cofinanced with a total of 29 private financial institutions including 11 Japanese financial institutions.

CO2-EOR ProjectProject 2

Oil & Gas

Loan Outline■ Combining CCS with EOR makes the project bankable on a commercial basis, which is difficult if CCS is employed

alone.■ JX to acquire a disposal right of crude oil production commensurate with the existing indirect interests in the EOR

project company.■ This project is significant from the viewpoint of securing the precedent superiority of JX in the CO2-EOR business

with CCS.■ This project utilizes Mitsubishi Heavy Industries’ technology, which contributes to the reduction of CO2 emissions.

Project Description: Increase crude oil recovery through Enhanced Oil Recovery (EOR) technology, which injects into an oil well extracted and collected CO2 (about 1.6 million tons per annum) from the exhaust gas of a coal-fired power plant, utilizing a CO2 recovery plant (CCS).

Borrower: Petra Nova Parish Holdings LLC (PNPH), incorporated in Delaware, the United States

EOR Project Company: Texas Coastal Ventures, LLC, incorporated in Delaware, the United States (Equity ratio: PNPH subsidiary 50% and Hilcorp Energy I, L.P. 50%)

Location: Texas, the United States

Loan Signing: July 14, 2014

Sponsors: JX Nippon Oil & Gas Exploration Corporation, NRG Energy, Inc.

Related Japanese Companies: JX Nippon Oil & Gas Exploration Corporation, Mitsubishi Heavy Industries Ltd. and Mizuho Bank, Ltd.

Total Cofinancing Amount: USD 250 million

JBIC Loan Amount: USD 175 million

Project Outline

1110


裏面

United States of America United States of AmericaProject CompanyEPC Contractors

Sponsors

Liquefaction Consigners

Escrow Accounts

Japanese Electric Power Companies& Japanese Gas Companies

LNG Sale

Loan LoanMitsui, MC, ENGIE

Liquefaction Charge


EORProject Company

Borrower

The U.S. Department of Energy

Hilcorp

Senior Lenders

Commercial Banks

Payment

Equity

Equity

Equity

SubsidyExhaust Gas

Supply

Sale

Repayment

CO2 SupplyCCS Construction, etc.

Off takersEPC Contractors

NRG Texas

JBIC


Equity

LNG Offtakes


Escrow Accounts

EPC Contractors

Sponsors

Cameron LNG ProjectProject 1

Oil & Gas

Project Outline Project Description: Construct a new liquefaction plant in an existing LNG receiving base and produce 12 million tons of LNG per annum.

Project Company: Cameron LNG, LLC incorporated in the United Sates

Location: Louisiana, the United Sates


Sponsors: Sempra Energy, ENGIE, Mitsui & Co., Ltd. (Mitsui), Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha

Related Japanese Companies: Mitsui, MC, Nippon Yusen Kabushiki Kaisha, Chiyoda Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited, Mitsubishi UFJ Trust and Banking Corporation, The Norinchukin Bank, Shinsei Bank, Limited, Aozora Bank, Ltd., Shinkin Central Bank, The Chiba Bank Ltd. and The Shizuoka Bank Ltd.


JBIC Loan Amount: USD 2,500 million

Loan Outline■ Mitsui and MC have obtained two-thirds of the liquefaction plant use rights in terms of total production (12 million

tons per annum), and sell LNG produced from the plant to Japanese electric power companies and Japanese gas companies, etc.

■ This is the first project involving the exportation of LNG from the U.S. mainland to Japan based on a long-term contract using the price of the U.S. natural gas market, in response to the urgent issue concerning Japanese energy policy of the diversification of LNG supply sources and prices.

■ Cofinanced with a total of 29 private financial institutions including 11 Japanese financial institutions.

CO2-EOR ProjectProject 2

Oil & Gas

Loan Outline■ Combining CCS with EOR makes the project bankable on a commercial basis, which is difficult if CCS is employed

alone.■ JX to acquire a disposal right of crude oil production commensurate with the existing indirect interests in the EOR

project company.■ This project is significant from the viewpoint of securing the precedent superiority of JX in the CO2-EOR business

with CCS.■ This project utilizes Mitsubishi Heavy Industries’ technology, which contributes to the reduction of CO2 emissions.

Project Description: Increase crude oil recovery through Enhanced Oil Recovery (EOR) technology, which injects into an oil well extracted and collected CO2 (about 1.6 million tons per annum) from the exhaust gas of a coal-fired power plant, utilizing a CO2 recovery plant (CCS).

Borrower: Petra Nova Parish Holdings LLC (PNPH), incorporated in Delaware, the United States

EOR Project Company: Texas Coastal Ventures, LLC, incorporated in Delaware, the United States (Equity ratio: PNPH subsidiary 50% and Hilcorp Energy I, L.P. 50%)

Location: Texas, the United States


Sponsors: JX Nippon Oil & Gas Exploration Corporation, NRG Energy, Inc.

Related Japanese Companies: JX Nippon Oil & Gas Exploration Corporation, Mitsubishi Heavy Industries Ltd. and Mizuho Bank, Ltd.

Total Cofinancing Amount: USD 250 million


Project Outline

1110


表面

Australia

Plant Construction

Equity

Long-term Sale

Repayment

LoanTariff Payment

EPC Contractor Project Company

Escrow AccountsSenior Lenders

JBIC Commercial Banks

Sponsors

Off takers

MitsuiPPC

Construction

Equity

Iron Ore Sale

Repayment

LoanTariff Payment

EPC Contractors Project Company


JBIC,Kexim, USEXIMCommercial Banks

Sponsors

Off takers

Marubeni, POSCO, CSC, etc

Chile

Caserones Copper Mine Development ProjectProject 3

Mining& Metals

Loan Outline■ Copper is used extensively for various products, including electric cables, electrical and electronic equipment,

transport vehicles and construction materials, making it an indispensable metal for Japanese industry. Japan relies solely on imports of copper concentrates from Chile and other countries. Copper concentrates produced in this project (150,000 tons per year in the first 10 years in terms of metal content) will be delivered to PPC and Mitsui, and supplied to domestic smelters. This project is expected to meet about 11% of Japan’s annual demand for copper concentrates.

■ This is the first project in which Japanese companies with wholly owned interests in a large-scale copper mine are undertaking its development. This project is significant in that it enables Japanese companies to accumulate experience in overseas copper mine development to train mining experts of Japanese companies.

Project Description: Develop the Caserones copper mine, and produce and sell copper concentrates, copper cathodes, and molybdenum.

Project Company: SCM Minera Lumina Copper Chile incorporated in Chile

Location: III Region, Republic of Chile


Sponsors: Pan-Pacific Copper Co., Ltd. (PPC), Mitsui & Co., Ltd. (Mitsui)

Related Japanese Companies: JX Nippon Mining & Metals Corporation, Mitsui Mining & Smelting Co., Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Limited



Project Outline

Roy Hill Iron Ore Mine and Related Infrastructure Development Project

Project 4

Loan Outline■ Steel is used extensively for various products including automobiles and construction materials, and is one of the

fundamental metal resources used in Japanese industries. Japan’s procurement of iron ore depends entirely on importation from overseas, including Australia. Marubeni, through this project, will off-take an equivalent of 21% (about 11.55 Mtpa) of the 55 Mtpa of iron ore produced annually at full production from the project and supply it mainly to Japanese steel mills for 17 years.

■ The high grade iron ore from Roy Hill is suitable as steel raw material, and there is strong expectation from Japanese steel mills that this project that will lead to an increase in the supply of high-grade iron ore.

■ In October 2014, JBIC transferred a part of the loan to Sumitomo Mitsui Trust Bank, Limited.

Project Description: Develop and operate the Roy Hill Iron Ore Mine with related infrastructure, upon acquiring interests in the mine.

Project Company: Roy Hill Holdings Pty Ltd incorporated in Australia

Location: Pilbara region of Western Australia, Australia

Loan Signing: March 20, 2014

Sponsors: Hancock Prospecting Pty Ltd, Marubeni Corporation (Marubeni), POSCO and China Steel Corporation (CSC)

Related Japanese Companies: Marubeni, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Sumitomo Mitsui Trust Bank, Limited



Project Outline

Mining& Metals

1312


裏面

Australia

Plant Construction

Equity

Long-term Sale

Repayment

LoanTariff Payment

EPC Contractor Project Company



Sponsors

Off takers

MitsuiPPC

Construction

Equity

Iron Ore Sale

Repayment

LoanTariff Payment



JBIC,Kexim, USEXIMCommercial Banks

Sponsors

Off takers

Marubeni, POSCO, CSC, etc

Chile

Caserones Copper Mine Development ProjectProject 3

Mining& Metals

Loan Outline■ Copper is used extensively for various products, including electric cables, electrical and electronic equipment,

transport vehicles and construction materials, making it an indispensable metal for Japanese industry. Japan relies solely on imports of copper concentrates from Chile and other countries. Copper concentrates produced in this project (150,000 tons per year in the first 10 years in terms of metal content) will be delivered to PPC and Mitsui, and supplied to domestic smelters. This project is expected to meet about 11% of Japan’s annual demand for copper concentrates.

■ This is the first project in which Japanese companies with wholly owned interests in a large-scale copper mine are undertaking its development. This project is significant in that it enables Japanese companies to accumulate experience in overseas copper mine development to train mining experts of Japanese companies.

Project Description: Develop the Caserones copper mine, and produce and sell copper concentrates, copper cathodes, and molybdenum.

Project Company: SCM Minera Lumina Copper Chile incorporated in Chile

Location: III Region, Republic of Chile


Sponsors: Pan-Pacific Copper Co., Ltd. (PPC), Mitsui & Co., Ltd. (Mitsui)

Related Japanese Companies: JX Nippon Mining & Metals Corporation, Mitsui Mining & Smelting Co., Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Limited



Project Outline

Roy Hill Iron Ore Mine and Related Infrastructure Development Project

Project 4

Loan Outline■ Steel is used extensively for various products including automobiles and construction materials, and is one of the

fundamental metal resources used in Japanese industries. Japan’s procurement of iron ore depends entirely on importation from overseas, including Australia. Marubeni, through this project, will off-take an equivalent of 21% (about 11.55 Mtpa) of the 55 Mtpa of iron ore produced annually at full production from the project and supply it mainly to Japanese steel mills for 17 years.

■ The high grade iron ore from Roy Hill is suitable as steel raw material, and there is strong expectation from Japanese steel mills that this project that will lead to an increase in the supply of high-grade iron ore.

■ In October 2014, JBIC transferred a part of the loan to Sumitomo Mitsui Trust Bank, Limited.

Project Description: Develop and operate the Roy Hill Iron Ore Mine with related infrastructure, upon acquiring interests in the mine.

Project Company: Roy Hill Holdings Pty Ltd incorporated in Australia

Location: Pilbara region of Western Australia, Australia

Loan Signing: March 20, 2014

Sponsors: Hancock Prospecting Pty Ltd, Marubeni Corporation (Marubeni), POSCO and China Steel Corporation (CSC)

Related Japanese Companies: Marubeni, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Sumitomo Mitsui Trust Bank, Limited



Project Outline

Mining& Metals

1312


表面

United Kingdom

JordanBorrower

DONGGIBMarubeni

Contractors

Off takers Project CompanyPlant Construction, etc.

Construction Management

EquityEquity

Equity

Loan

Repayment

Tariff PaymentElectricity / Green Certificate

Electricity / Green Certificate

Project CompanyEPC ContractorOff taker

Escrow Accounts

Government of Jordan

Equity

Government Guarantee

NEPCO

Tariff PaymentSenior Lenders


Power Sale

Loan

Senior Lenders


Sponsors


Equity

Repayment

Westermost Rough Offshore Wind Power Generation Project

Project 5

New Energy

Loan Outline■ This loan will strengthen the international competitiveness of Japanese companies by supporting the overseas business

deployment of an off-shore power generation plant by Marubeni, participating in the project company and conducting the long term operation and management of the project with advanced technology.

■ This is JBIC’s first project financing of an off-shore wind power generation project in local currency (GBP).■ This is a joint infrastructure project in which British and Japanese public financial institutions are collaborating:

namely, the Green Investment Bank (GIB), a UK policy-based financial institution is participating as a sponsor, and JBIC as a senior lender.

Project Description: Construct and operate an off-shore wind power generation plant and sell electricity and green certificates for 15 years.

Project Company: Westermost Rough Limited incorporated in United Kingdom

Location: About 8 kilometers off the coast of East Riding of Yorkshire in United Kingdom


Sponsors: Marubeni Corporation (Marubeni), Green Investment Bank and DONG Energy A/S

Related Japanese Companies: Marubeni, The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Mizuho Bank, Ltd.

Total Cofinancing Amount: GBP 369.5 million

JBIC Loan Amount: GBP 172.5 million

Project Outline

Shams Ma’an Photovoltaic Power Project

Loan Outline■ This loan will strengthen the international competitiveness of Japanese companies by supporting overseas business

deployment in the infrastructure sector by MC.■ This project will contribute to strengthening and diversifying power sources with an expected increase in power

demand in Jordan, a non-oil-producing country.■Strengthen Japan’s diplomatic relations with Jordan, located in the geopolitically important Middle East region.

Project Description: Construct and operate a photovoltaic power generation plant with an output of 52.5 MW, and sell the electricity generated to the National Electric Power Company (NEPCO) for 20 years.

Project Company: Shams Ma’an Power Generation PSC incorporated in Jordan

Location: Ma’an Province in Hashemite Kingdom of Jordan

Loan Signing: January 18, 2015

Sponsors: Diamond Generating Europe Ltd. (A wholly owned subsidiary of Mitsubishi Corporation (MC) for power generation business in Europe, the Middle East and Africa) and Nebras Power Q.S.C., Kawar Group

Related Japanese Companies: MC and Mizuho Bank, Ltd.

Total Cofinancing Amount: USD129 million

JBIC Loan Amount: USD77 million

Project Outline

New Energy

Project 6

1514


裏面

United Kingdom

JordanBorrower

DONGGIBMarubeni

Contractors

Off takers Project CompanyPlant Construction, etc.

Construction Management

EquityEquity

Equity

Loan

Repayment

Tariff PaymentElectricity / Green Certificate

Electricity / Green Certificate


Escrow Accounts

Government of Jordan

Equity

Government Guarantee

NEPCO



Power Sale

Loan

Senior Lenders


Sponsors


Equity

Repayment

Westermost Rough Offshore Wind Power Generation Project

Project 5

New Energy

Loan Outline■ This loan will strengthen the international competitiveness of Japanese companies by supporting the overseas business

deployment of an off-shore power generation plant by Marubeni, participating in the project company and conducting the long term operation and management of the project with advanced technology.

■ This is JBIC’s first project financing of an off-shore wind power generation project in local currency (GBP).■ This is a joint infrastructure project in which British and Japanese public financial institutions are collaborating:

namely, the Green Investment Bank (GIB), a UK policy-based financial institution is participating as a sponsor, and JBIC as a senior lender.

Project Description: Construct and operate an off-shore wind power generation plant and sell electricity and green certificates for 15 years.

Project Company: Westermost Rough Limited incorporated in United Kingdom

Location: About 8 kilometers off the coast of East Riding of Yorkshire in United Kingdom


Sponsors: Marubeni Corporation (Marubeni), Green Investment Bank and DONG Energy A/S

Related Japanese Companies: Marubeni, The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Mizuho Bank, Ltd.

Total Cofinancing Amount: GBP 369.5 million

JBIC Loan Amount: GBP 172.5 million

Project Outline

Shams Ma’an Photovoltaic Power Project

Loan Outline■ This loan will strengthen the international competitiveness of Japanese companies by supporting overseas business

deployment in the infrastructure sector by MC.■ This project will contribute to strengthening and diversifying power sources with an expected increase in power

demand in Jordan, a non-oil-producing country.■Strengthen Japan’s diplomatic relations with Jordan, located in the geopolitically important Middle East region.

Project Description: Construct and operate a photovoltaic power generation plant with an output of 52.5 MW, and sell the electricity generated to the National Electric Power Company (NEPCO) for 20 years.

Project Company: Shams Ma’an Power Generation PSC incorporated in Jordan

Location: Ma’an Province in Hashemite Kingdom of Jordan

Loan Signing: January 18, 2015

Sponsors: Diamond Generating Europe Ltd. (A wholly owned subsidiary of Mitsubishi Corporation (MC) for power generation business in Europe, the Middle East and Africa) and Nebras Power Q.S.C., Kawar Group

Related Japanese Companies: MC and Mizuho Bank, Ltd.

Total Cofinancing Amount: USD129 million

JBIC Loan Amount: USD77 million

Project Outline

New Energy

Project 6

1514


表面

MoroccoPlant Construction

Equity

Repayment

Power Sale

Loan

Tariff Payment

Equity


Escrow Accounts

Senior Lenders

JBIC ADB Commercial Banks

Sponsors

Off taker

Government of Thailand

EGAT


Escrow Accounts

Government of Morocco

Equity

Government Guarantee for Termination Payment

ONEE


JBIC, Islamic Development Bank,Commercial Banks, local Moroccan Banks

Power Sale

Loan

Sponsors


Equity

Repayment

Thailand

Nong Saeng Natural Gas-Fired Combined Cycle PowerProject

Loan Outline

Project 7

Power

■ The Project is a form of overseas integrated infrastructure system deployment project with J-Power leading the project development.

■ This project plays an important role in Thailand’s efforts to increase the capacity of power generation to meet the increasing demand for electricity in the country.

■This is a significant project for many Japanese firms operating in Thailand from the point of view of ensuring a stable supply of electricity.

■Cofinancing with an international organization (Asian Development Bank) and local banks in Thailand.

Project Description: Build and operate a natural gas-fired combined cycle power plant with a capacity of 1,600 MW (800 MW ×2), and sell the electricity generated to the Electricity Generating Authority of Thailand (EGAT) for 25 years.

Project Company: Gulf JP NS Company Limited incorporated in Thailand

Location: Nong Saeng District, Saraburi Province, Kingdom of Thailand

Loan Signing: November 4, 2011

Sponsors: Electric Power Development Co, Ltd. (J-Power), Gulf Energy Development Company

Related Japanese Companies: J-Power, Mizuho Bank, Ltd.



Project Outline

Safi Ultra Super Critical Coal-fired Power Project

Loan Outline■ The first ultra-super critical coal-fired power generation plant project in the African continent and for JBIC.■ The project is a form of overseas integrated infrastructure system deployment project managed by Mitsui & Co.,

which is independently and proactively participating in its investment, operation and maintenance.■The demand for electric power in Morocco will continue to grow at an annual average rate of 7%, and this important

project will meet about 20% of the country's demand for electric power in 2018 when it is planned to be completed.

Project Description: Construct and operate an ultra-super critical coal-fired power generation plant with a capacity of 1,250 MW (625 MW x 2 units) and sell the electricity generated to the Office National de l'Electricité et de l’Eau Potable (ONEE) for 30 years.

Project Company: Safi Energy Company S.A. incorporated in Morocco

Location: City of Safi, Morocco (300km South-west of Rabat, the capital of Morocco)

Loan Signing: September 18, 2014

Sponsors: Mitsui & Co., Electrabel S.A. and Nareva Holding S.A.

Related Japanese Companies: Mitsui & Co., The Bank of Tokyo-Mitsubishi UFJ, Ltd., Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd. and Sumitomo Mitsui Trust Bank, Limited.


JBIC Loan Amount: USD 718 million and EUR 147 million

Project Outline

Power

Project 8

1716


裏面

MoroccoPlant Construction

Equity

Repayment

Power Sale

Loan

Tariff Payment

Equity


Escrow Accounts

Senior Lenders

JBIC ADB Commercial Banks

Sponsors

Off taker

Government of Thailand

EGAT


Escrow Accounts

Government of Morocco

Equity

Government Guarantee for Termination Payment

ONEE


JBIC, Islamic Development Bank,Commercial Banks, local Moroccan Banks

Power Sale

Loan

Sponsors


Equity

Repayment

Thailand

Nong Saeng Natural Gas-Fired Combined Cycle PowerProject

Loan Outline

Project 7

Power

■ The Project is a form of overseas integrated infrastructure system deployment project with J-Power leading the project development.

■ This project plays an important role in Thailand’s efforts to increase the capacity of power generation to meet the increasing demand for electricity in the country.

■This is a significant project for many Japanese firms operating in Thailand from the point of view of ensuring a stable supply of electricity.

■Cofinancing with an international organization (Asian Development Bank) and local banks in Thailand.

Project Description: Build and operate a natural gas-fired combined cycle power plant with a capacity of 1,600 MW (800 MW ×2), and sell the electricity generated to the Electricity Generating Authority of Thailand (EGAT) for 25 years.

Project Company: Gulf JP NS Company Limited incorporated in Thailand

Location: Nong Saeng District, Saraburi Province, Kingdom of Thailand

Loan Signing: November 4, 2011

Sponsors: Electric Power Development Co, Ltd. (J-Power), Gulf Energy Development Company

Related Japanese Companies: J-Power, Mizuho Bank, Ltd.



Project Outline

Safi Ultra Super Critical Coal-fired Power Project

Loan Outline■ The first ultra-super critical coal-fired power generation plant project in the African continent and for JBIC.■ The project is a form of overseas integrated infrastructure system deployment project managed by Mitsui & Co.,

which is independently and proactively participating in its investment, operation and maintenance.■The demand for electric power in Morocco will continue to grow at an annual average rate of 7%, and this important

project will meet about 20% of the country's demand for electric power in 2018 when it is planned to be completed.

Project Description: Construct and operate an ultra-super critical coal-fired power generation plant with a capacity of 1,250 MW (625 MW x 2 units) and sell the electricity generated to the Office National de l'Electricité et de l’Eau Potable (ONEE) for 30 years.

Project Company: Safi Energy Company S.A. incorporated in Morocco

Location: City of Safi, Morocco (300km South-west of Rabat, the capital of Morocco)

Loan Signing: September 18, 2014

Sponsors: Mitsui & Co., Electrabel S.A. and Nareva Holding S.A.

Related Japanese Companies: Mitsui & Co., The Bank of Tokyo-Mitsubishi UFJ, Ltd., Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd. and Sumitomo Mitsui Trust Bank, Limited.


JBIC Loan Amount: USD 718 million and EUR 147 million

Project Outline

Power

Project 8

1716


表面

Lease and Maintenance Fee Payment

Granting of Franchise

Rolling Stock and Maintenance Service Provision

Loan Repayment

PPP Contract

Project Company

Senior Lenders

JBIC EIB Commercial Banks

Depot Construction, etc.

Maintenance Service

Equity

Hitachi

Sponsors

Train Operating Company

UK Department for Transport

EPC Contractors

Project Company

Feedstock Supplier

Escrow Accounts

License Provider

Sponsors

Technical License

Product Sale

Loan

Equity

Repayment

Payment

Plant Construction

Feedstock Supply

JBIC Commercial Banks etc.

Senior Lenders

United Kingdom

Saudi Arabia

Intercity Express Programme in the UK

Loan Outline

Project 9

Transportation

■ One of the most significant projects for the UK Government and the first PPP project of heavy-rail rolling stock in the UK.■ Significantly contribute to the development of UK’s reliable railway infrastructure in the long term, through the

introduction of brand-new high-speed trains.

Project Description: Construct and refurbish railway depots; lease trains to a franchised train operating company of the Great Western Main Line network; and maintain trains at the depots constructed or refurbished for a period of around 30 years.

Project Company: Agility Trains West Limited

Location: United Kingdom


Sponsors: Hitachi Ltd. (Hitachi), John Laing Investments Limited

Related Japanese Companies: Hitachi, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Trust and Banking Corporation, and Sumitomo Mitsui Trust Bank, Limited

Total Cofinancing Amount: Approx. GBP 2,200 million

JBIC Loan Amount: Approx. GBP 1,000 million

Project Outline

Rabigh Oil Refinery and Petrochemical Project

Loan Outline■ Sumitomo Chemical with Saudi Aramco manufactures and sells high value-added petrochemical products with its

advanced technology, in order to maximize profitability by making use of the company’s cost competitiveness and economies of scale derived from the location of raw materials.

■ Supporting this project is also in line with Saudi Arabia’s national policy of developing its petrochemical industry by inviting foreign capital, in order to grow out of the oil-dependent economy and generate employment.

■JBIC contributes to the structuring and packaging of securities for the project together with the sponsors, from the early stage of project formulation.

Project Description: Acquire and upgrade an existing oil refinery from Saudi Aramco, construct a new petrochemical plant (Phase I) and expand the plant (Phase II).

Project Company: Rabigh Refining & Petrochemical Company incorporated in Saudi Arabia

Location: Rabigh District, west coast of Saudi Arabia

Loan Signing: March 2, 2006 (Phase I) and March 16, 2015 (Phase II)

Sponsors: Sumitomo Chemical Co., Ltd. and Saudi Arabian Oil Company (Saudi Aramco)

Related Japanese Companies: Marubeni Corporation, JGC Corporation and Mitsubishi Heavy Industries Ltd. (for related water, thermal and electricity supply projects), Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd., Sumitomo Mitsui Trust Bank, Limited. and The Norinchukin Bank

Total Cofinancing Amount: USD 5,840 million (Phase I) and USD 5,168 million (Phase II)

JBIC Loan Amount: USD 2,500 million (Phase I) and USD 1,998 million (Phase II)

Project Outline

Refinery &Petrochemical

Project 10

1918

(Common for Phase I & II)


裏面

Lease and Maintenance Fee Payment

Granting of Franchise

Rolling Stock and Maintenance Service Provision

Loan Repayment

PPP Contract

Project Company

Senior Lenders

JBIC EIB Commercial Banks

Depot Construction, etc.

Maintenance Service

Equity

Hitachi

Sponsors

Train Operating Company

UK Department for Transport

EPC Contractors

Project Company

Feedstock Supplier

Escrow Accounts

License Provider

Sponsors

Technical License

Product Sale

Loan

Equity

Repayment

Payment

Plant Construction

Feedstock Supply

JBIC Commercial Banks etc.

Senior Lenders

United Kingdom

Saudi Arabia

Intercity Express Programme in the UK

Loan Outline

Project 9

Transportation

■ One of the most significant projects for the UK Government and the first PPP project of heavy-rail rolling stock in the UK.■ Significantly contribute to the development of UK’s reliable railway infrastructure in the long term, through the

introduction of brand-new high-speed trains.

Project Description: Construct and refurbish railway depots; lease trains to a franchised train operating company of the Great Western Main Line network; and maintain trains at the depots constructed or refurbished for a period of around 30 years.

Project Company: Agility Trains West Limited

Location: United Kingdom


Sponsors: Hitachi Ltd. (Hitachi), John Laing Investments Limited

Related Japanese Companies: Hitachi, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Trust and Banking Corporation, and Sumitomo Mitsui Trust Bank, Limited

Total Cofinancing Amount: Approx. GBP 2,200 million

JBIC Loan Amount: Approx. GBP 1,000 million

Project Outline

Rabigh Oil Refinery and Petrochemical Project

Loan Outline■ Sumitomo Chemical with Saudi Aramco manufactures and sells high value-added petrochemical products with its

advanced technology, in order to maximize profitability by making use of the company’s cost competitiveness and economies of scale derived from the location of raw materials.

■ Supporting this project is also in line with Saudi Arabia’s national policy of developing its petrochemical industry by inviting foreign capital, in order to grow out of the oil-dependent economy and generate employment.

■JBIC contributes to the structuring and packaging of securities for the project together with the sponsors, from the early stage of project formulation.

Project Description: Acquire and upgrade an existing oil refinery from Saudi Aramco, construct a new petrochemical plant (Phase I) and expand the plant (Phase II).

Project Company: Rabigh Refining & Petrochemical Company incorporated in Saudi Arabia

Location: Rabigh District, west coast of Saudi Arabia

Loan Signing: March 2, 2006 (Phase I) and March 16, 2015 (Phase II)

Sponsors: Sumitomo Chemical Co., Ltd. and Saudi Arabian Oil Company (Saudi Aramco)

Related Japanese Companies: Marubeni Corporation, JGC Corporation and Mitsubishi Heavy Industries Ltd. (for related water, thermal and electricity supply projects), Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd., Sumitomo Mitsui Trust Bank, Limited. and The Norinchukin Bank

Total Cofinancing Amount: USD 5,840 million (Phase I) and USD 5,168 million (Phase II)

JBIC Loan Amount: USD 2,500 million (Phase I) and USD 1,998 million (Phase II)

Project Outline

Refinery &Petrochemical

Project 10

1918

(Common for Phase I & II)


表面

Turkey

Brazil

Project Company

SponsorsJapanese Companies

Escrow Accounts

Off takers

Payment

Machinery & Equipment Export Equity

Product Sale


ECA(JBIC & etc.), Commercial Banks

EPC Contractors

Itochu & etc.

Project CompanyEPCI ContractorCharterer

Escrow Accounts

FPSO Sub-Chartering

Guara B.V.

Sub-Charterer

Petrobras

Payment

FPSO Chartering

O&M ContractorFPSO Operation & Maintenance

FPSO Construction & Installation

(note 1): O&M Contractor and EPCI Contractor are both subsidiaries of MODEC

Similar model to this FPSO.

Loan


Loan

SponsorsEquity


Senior LendersRepayment

STAR Oil Refinery Project

Loan Outline

Project 11Refinery and

Petrochemical

■ The project contributes to the reduction of Turkey’s trade deficit as an alternative to the importation of refined petrochemical products, to offset the shortage of domestic production and supply due to the rapid expansion of domestic demand.

■ A joint venture participated by Itochu Corporation, received a collective EPC order. In addition JBIC formulated an export finance base project financing by joining the project structuring discussion prior to bidding process.

■ In this project, JBIC collaborated with various public financial institutions such as KSURE (Korea), CESCE (Spain) and SACE (Italy).

Project Description: Construct and operate an oil refinery with a daily capacity of 214,000 barrels, and sell naphtha and xylene (partial) to Petkim Petrokimya Holding A.S., based on a product offtake agreement, and other products such as diesel, LPG and jet fuel to domestic distributors.

Project Company: STAR RAFİNERİ ANONİM ŞİRKETİ incorporated in Turkey

Location: Aliaga area of Izmir province, Turkey

Loan Signing: May 29, 2014

Sponsors: State Oil Company of the Azerbaijan Republic and The Ministry of Economy and Industry of The Republic of Azerbaijan.

Related Japanese Companies: Itochu Corporation (Itochu) and The Bank of Tokyo-Mitsubishi UFJ, Ltd.

Total Cofinancing Amount: USD 485 million (the total of cofinancing amount including JBIC portion and a cofinancing portion by private financial institutions with NEXI insurance)


Project Outline

Lapa (formerly Carioca) Oil Field FPSO Project

Loan Outline■ MODEC is the only Japanese FPSO operator that can not only engineer, construct and install, but also operate and maintain

a FPSO unit.■ Oil companies around the world are actively developing underwater gas and oil fields against the background of the

depletion of onshore oil and natural gas fields.■This is the fifth FPSO operation project by MODEC for an oil field of pre-salt layers in Brazil, and will contribute

indirectly to securing the long-term stable supply of resources to Japan by strengthening the international competitiveness of Japanese companies through the acquisition and improvement of technologies, management practice and knowhow regarding the operation of ultra-deepwater FPSO systems, while the marine resource development of deeper offshore fields becomes increasingly sophisticated.

Project Description: In developing a large scale Lapa oil field (formerly Carioca oil field) located in a pre-salt (rock salt) layer in the Santos Basin off the coast of Rio de Janeiro, build an ultra-deep FPSO unit capable of operating 2,000 to 3,000 meters underwater and with the capacity to produce up to 100,000 barrels of crude oil and 177 million cubic feet of gas per day, store about 1.6 million barrels of crude oil, and provide charter services (leasing and operation and maintenance services) to Guara B.V., a Dutch company, for 20 years.

Project Company: CARIOCA MV27 B.V. incorporated in Netherlands

Location: Lapa oil field off the coast of Rio de Janeiro, Brazil


Sponsors: MODEC Inc. (MODEC), Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd., and Marubeni Corporation

Related Japanese Companies: MODEC, Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd., Marubeni Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Limited and Mitsubishi UFJ Trust and Banking Corporation

Total Cofinancing Amount: USD 1,128.75 million

JBIC Loan Amount: USD 564.375 million

Project Outline

Ship

Project 12

2120


裏面

Turkey

Brazil

Project Company

SponsorsJapanese Companies

Escrow Accounts

Off takers

Payment

Machinery & Equipment Export Equity

Product Sale


ECA(JBIC & etc.), Commercial Banks

EPC Contractors

Itochu & etc.

Project CompanyEPCI ContractorCharterer

Escrow Accounts

FPSO Sub-Chartering

Guara B.V.

Sub-Charterer

Petrobras

Payment

FPSO Chartering

O&M ContractorFPSO Operation & Maintenance

FPSO Construction & Installation

(note 1): O&M Contractor and EPCI Contractor are both subsidiaries of MODEC

Similar model to this FPSO.

Loan


Loan

SponsorsEquity


Senior LendersRepayment

STAR Oil Refinery Project

Loan Outline

Project 11Refinery and

Petrochemical

■ The project contributes to the reduction of Turkey’s trade deficit as an alternative to the importation of refined petrochemical products, to offset the shortage of domestic production and supply due to the rapid expansion of domestic demand.

■ A joint venture participated by Itochu Corporation, received a collective EPC order. In addition JBIC formulated an export finance base project financing by joining the project structuring discussion prior to bidding process.

■ In this project, JBIC collaborated with various public financial institutions such as KSURE (Korea), CESCE (Spain) and SACE (Italy).

Project Description: Construct and operate an oil refinery with a daily capacity of 214,000 barrels, and sell naphtha and xylene (partial) to Petkim Petrokimya Holding A.S., based on a product offtake agreement, and other products such as diesel, LPG and jet fuel to domestic distributors.

Project Company: STAR RAFİNERİ ANONİM ŞİRKETİ incorporated in Turkey

Location: Aliaga area of Izmir province, Turkey

Loan Signing: May 29, 2014

Sponsors: State Oil Company of the Azerbaijan Republic and The Ministry of Economy and Industry of The Republic of Azerbaijan.

Related Japanese Companies: Itochu Corporation (Itochu) and The Bank of Tokyo-Mitsubishi UFJ, Ltd.

Total Cofinancing Amount: USD 485 million (the total of cofinancing amount including JBIC portion and a cofinancing portion by private financial institutions with NEXI insurance)


Project Outline

Lapa (formerly Carioca) Oil Field FPSO Project

Loan Outline■ MODEC is the only Japanese FPSO operator that can not only engineer, construct and install, but also operate and maintain

a FPSO unit.■ Oil companies around the world are actively developing underwater gas and oil fields against the background of the

depletion of onshore oil and natural gas fields.■This is the fifth FPSO operation project by MODEC for an oil field of pre-salt layers in Brazil, and will contribute

indirectly to securing the long-term stable supply of resources to Japan by strengthening the international competitiveness of Japanese companies through the acquisition and improvement of technologies, management practice and knowhow regarding the operation of ultra-deepwater FPSO systems, while the marine resource development of deeper offshore fields becomes increasingly sophisticated.

Project Description: In developing a large scale Lapa oil field (formerly Carioca oil field) located in a pre-salt (rock salt) layer in the Santos Basin off the coast of Rio de Janeiro, build an ultra-deep FPSO unit capable of operating 2,000 to 3,000 meters underwater and with the capacity to produce up to 100,000 barrels of crude oil and 177 million cubic feet of gas per day, store about 1.6 million barrels of crude oil, and provide charter services (leasing and operation and maintenance services) to Guara B.V., a Dutch company, for 20 years.

Project Company: CARIOCA MV27 B.V. incorporated in Netherlands

Location: Lapa oil field off the coast of Rio de Janeiro, Brazil


Sponsors: MODEC Inc. (MODEC), Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd., and Marubeni Corporation

Related Japanese Companies: MODEC, Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd., Marubeni Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Limited and Mitsubishi UFJ Trust and Banking Corporation

Total Cofinancing Amount: USD 1,128.75 million

JBIC Loan Amount: USD 564.375 million

Project Outline

Ship

Project 12

2120


表面

11


Topics Contacts




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裏面

23

インフラ・環境ファイナンス部門電力・新エネルギー第1部（プロジェクトファイナンス協議会事務局）（03-5218-3062）電力・新エネルギー第2部（03-5218-3412）社会インフラ部（03-5218-3058）

資源ファイナンス部門石油・天然ガス部（03-5218-3513）鉱物資源部（03-5218-3514）

産業ファイナンス部門産業投資・貿易部（03-5218-3574）船舶航空・金融プロダクツ部（03-5218-3576）西日本オフィス（06-6311-2520）

ご相談窓口融資のご相談は以下の部署で受け付けさせていただいております。


IntroductionProject finance means a financial structure in which repayments for a loan provided for a project are made exclusively from the cash flows generated by the project while security for the loan is limited to the project assets, rights, and interests.As project finance involves many participants and requires a diverse set of contracts, the negotiation process is very complicated. The participation of the Japan Bank for International Cooperation (JBIC) inthese projects is expected to provide benefits such as strengthening the project structure and facilitating the negotiation and coordination process for financial structuring as well as reducing political risk associated with doing business in developing countries.This booklet explains the role JBIC has played in the ever-changing world of project finance by providing examples of projects in which JBIC was involved.It is also intended to assist Japanese companies planning to undertake such projects and finantial institutions considering cofinancing with JBIC gain greater understanding of the process of structuring project finance. We hope this booklet will provide insight into the nature and role of JBIC’s involvement in overseas projectfinance and encourage increasing numbers of Japanese companies to actively develop their overseas operations taking advantage of JBIC’s functions.

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C O N T E N T S

JBIC Finance Menu


Loan Flowchart


Topics

4

6

8

10

22

11


Topics Contacts




2322


This publication has been printed on the paper that meets the evaluation criteria stipulated in the Basic Policy on Promoting Green Purchasing under the Act Concerning the Promotion of Procurement of Eco-Friendly Goods and Services by the State and Other Entities.Recyclable RankingThis publication only used Recyclable Rank A materials. This means these materials can be recycled to be used for printing paper.

Recyclable AThis publication has been printed

using eco-friendly vegetable oil ink.

Pro�leName Japan Bank for International Cooperation (JBIC)

Office 4-1, Ohtemachi 1-chome Chiyoda-ku, Tokyo 100-8144, Japan

Capital** ¥1,391.0 billion

Outstandings (Loans and Equity Participations)* ¥14,693.0 billion

Outstanding (Guarantees)* ¥2,572.3 billion

URL http://www.jbic.go.jp/en/

*As of March 31, 2015**As of June 27, 2014

Documents

JBIC Project Finance Initiatives