Two Barclays Africa-funded energy transactions win four international awards
Two deals worth a combined R14.7 billion led by the Corporate and Investment Banking division of Barclays Africa has secured four top international awards, confirming the bank’s position as a market leader in Africa’s energy sector.
Barclays Africa was awarded “Overall African Deal of the Year for 2013” as well as “Africa Power Deal of the Year for 2013” by Project Finance magazine for arranging funding for two greenfield open-cycle gas-turbine (OCGT) power plants in South Africa. Barclays Africa acted as a lead arranger, senior lender, account bank, hedge co-ordinator and hedge provider on the deal.
Barclays Africa was also awarded the “African Renewable Deal of the Year” in the 2013 Project Finance International awards for the bank’s successful raising of US$550 million to fund the Bokpoort concentrated solar power (CSP) renewable energy project. This deal, in which Barclays Africa acted as joint mandated lead arranger, providing part of the 18-year debt funding, was also recognised in late 2013 as the “Solar Deal of the Year” by World Finance magazine.
The OCGT projects, known as the Peakers Power Project, as they provide energy to the grid at peak demand period, are Africa’s first greenfields thermal projects delivered by an independent power producer. The Peakers Power Project involves the design, construction, operation and maintenance of two OCGT plants, one of 335 MW at Dedisa in South Africa’s Eastern Cape province, and another of 670 MW at Avon in KwaZulu-Natal province, also in South Africa. Each facility boasts on-site fuel and water storage for a continuous 45 hours of full-load operations.
Philip Lindop, Head of Investment Banking at Barclays Africa, said that these accolades once again recognise Barclays Africa’s leading position in the power and energy sector in Africa.
“We are delighted to have been recognised again for our commitment to supporting the growth and development of the energy sector in Africa, and helping our clients achieve their ambitions in the right way. The development of the power and energy sector in Africa is crucial to the sustainable success of the continent.”
“Our record of involvement in a number of African power and energy deals to date demonstrates the relevance of our fully local, fully global model that allows us to , leverage our global knowledge, contacts and relationships in the successful delivery of client ambitions,” said Lindop.
The awards also serve to highlight the larger role Barclays Africa is playing in the South African renewables energy sector. In November 2013, Barclays Africa secured mandates to provide R10.8 billion worth of debt funding to a total of six projects, including Wind, Solar PV and Concentrated Solar Power under the government’s third Independent Power Producer (IPP) Procurement round.
This was approximately a third of the total debt that is being committed by South Africa’s commercial banks, positioning Barclays Africa as one of the largest funders under the third round of the Renewable Energy Independent Power Producer Procurement Programme.
A picture of the Barclays team receiving the “Overall African Deal of the Year for 2013” award from Project Finance magazine at the London awards ceremony on is available on request.
011 214 2409,
083 552 2109,
Marketing and Corporate Communications, Corporate and Investment Banking, Absa
011 895 6695
About Corporate and Investment Banking at Absa:
Corporate and Investment Banking, a division of Absa Bank Limited (Absa) and a member of Barclays Africa Group, is a leading South African corporate and investment bank with global reach, offering clients financing, risk management and advisory solutions in a wide range of currencies and structures across the globe.
About Project Finance International
Project Finance International (PFI) is the leading global source of global project finance intelligence. After more than 17 years, PFI remains at the forefront of this industry and is the most comprehensive, authoritative and editorially independent publication to serve this sector. Reporting on the entire lifecycles of deals – from the initial market talk through to post-completion analysis – PFI provides the essential pipeline information, sector news, historical data and deal analysis.
About World Finance
World Finance is a critically acclaimed London-based bi-monthly magazine and website providing in-depth coverage and analysis of the financial industry, economics and major companies.
About Project Finance Magazine
Project Finance Magazine has been covering the oil and gas, power, renewables, transport and PPP sectors for over 25 years. As well as infrastructure funds, project bonds, water, mining, petrochemicals and telecoms. In addition to breaking industry news, Project Finance provides in-depth analysis of benchmark deals, helping readers spot opportunities, track the markets progress, and prepare for new trends and financing techniques. Project Finance also manages a fully searchable Deals Database containing over 5500 deals, 2500 with margins, going back to 1998.