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Page 1: SACE Guarantees for strategic infrastructures & renewable ...ec.europa.eu/economy_finance/events/2011/2011-05... · SACE Guarantees for strategic infrastructures & renewable energy

SACE Guarantees for strategic

infrastructures & renewable energy

Bruxelles, 17th May 2011

Page 2: SACE Guarantees for strategic infrastructures & renewable ...ec.europa.eu/economy_finance/events/2011/2011-05... · SACE Guarantees for strategic infrastructures & renewable energy

SACE is the Export Credit Agency (ECA) of Italy, 100% owned by the

Ministry of Economy and Finance.

All SACE’s commitments are counter-guaranteed by the Italian

Government.

SACE does not lend funds but its products facilitate the raising of

finance.

Our mission

2

Page 3: SACE Guarantees for strategic infrastructures & renewable ...ec.europa.eu/economy_finance/events/2011/2011-05... · SACE Guarantees for strategic infrastructures & renewable energy

What we do

Traditional business

In order to support Italian exports

Export credit Insurance:

Political Risk Insurance:

New markets

In order to support internationalization of

Italian companies and initiatives of strategic

interest for the Italian Economy

Internationalisation:

Market Window:

“Non marketable” business, bound

by Consensus Rules

Non-internationally regulated

business aimed at supporting

Italian investments abroad

against political risks

New “marketable” business,

supporting the Internationalisation

of Italian Economy

New “marketable” business,

supporting initiatives of strategic

interest for the Italian Economy

3

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4

Risks insured by geographical area (year end 2010)

SACE’s Oustanding Commitments: € 32.7 Bn

Italy

Ru

ss

ia &

CIS

Lati

n A

me

rica

Tu

rke

y &

Mid

dle

Ea

st

As

ia P

ac

ific

Ce

ntr

al &

Ea

ste

rn E

uro

pe

No

rth

Am

eri

ca

Su

b S

ah

ara

n A

fric

a

Oth

er

Co

un

trie

s

20% 16% 9% 7% 6% 4% 3% 2%

22%

Gu

lf S

tate

s

11%

Page 5: SACE Guarantees for strategic infrastructures & renewable ...ec.europa.eu/economy_finance/events/2011/2011-05... · SACE Guarantees for strategic infrastructures & renewable energy

to the BorrowersSACE’s support: key benefits

Zero Risk Weight : SACE guaranteed assets are 0% weighted under Basel I and under Basel II

(fully guaranteed by the Italian State)

Risk Partner: Acting as a risk taker SACE decreases syndication risks

Competitiveness: Longer term financings and, for export credit transactions, attractive all-in cost of

funding

Additional Capacity and Liquidity Provider: Preservation of current bank credit lines

Stability: Improvement of balance sheet composition (diversification of funding sources)

For the Banks

For the Borrower

5

Page 6: SACE Guarantees for strategic infrastructures & renewable ...ec.europa.eu/economy_finance/events/2011/2011-05... · SACE Guarantees for strategic infrastructures & renewable energy

Strategic sectors

Infrastructures

Expand the national and international transport system (e.g.

highway, airport, railway, maritime port )

Promote the diversification of energy sources (e.g. Lng terminals,

gas pipelines, gas storage, waste to energy plant)

Improve telecommunications networks

Renewable energy

Research and development

Production of machinery

Renewable power production plants

Energy efficiency investments

6

Page 7: SACE Guarantees for strategic infrastructures & renewable ...ec.europa.eu/economy_finance/events/2011/2011-05... · SACE Guarantees for strategic infrastructures & renewable energy

Main projects SACE in the Renewables and

Strategic Infrastructures sector 2008-2011

Helios

€ 25 mln

8 MW PV plant

2009

SunRay- Lazio

€ 26,5 mln

24MW PV Plant

2009

Campidano-Sardegna

€ 33 mln

70MW Wind Farm

2009

AES SOLAR

€ 28 mln

43 MW PV plant

2010

Falck

€ 22 mln

52MW Wind Farm

2008

Veronagest

€ 18 mln

16 MW PV plant

2010

SunRay- Lazio

€ 98,3 mln

52 MW PV Plant

2010

Falck

€ 27,6 mln

138 MW Wind Farm

2010

HFV

€ 17 mln

16 MW PV plant

2010

Helios

TRM-Torino

€ 130 mln

Waste to Energy Plant

2008

Moncada-Sicilia

€ 29 mln

Photovoltaic Modules Production Plant

2008

ASPI- Italia

€ 500 mln

Motorway

2010

SdP- Italia

€ 50 mln

Motorway

2011

Centostazioni-Italia

€ 7,5 mln

Railroad Station

2008

Renewables

Strategic

Infrastructures

7

Page 8: SACE Guarantees for strategic infrastructures & renewable ...ec.europa.eu/economy_finance/events/2011/2011-05... · SACE Guarantees for strategic infrastructures & renewable energy

8

How it works

8

SPV

BANK / POOL

Project /

Corporate Loan

First demand

guarantee

CONTRACTORS

USERS / PURCHASERSProject

contracts

Available to cover construction risk

Partial coverage of loan

Debt service type guarantee. Acceleration of guaranteed payment only at SACE option

Benefit of security package and loss-sharing mechanism on a pro-rata basis between SACE and the

lenders

Direct voting rights or power to influence guaranteed banks on decisions

Time of payment to SACE is aligned to lender remuneration (i.e. partially upfront and partially as risk

margin over the life of the guarantee in line with interest payments)

Reliance on same consultants with lenders; possible exception for intercreditor issues

Page 9: SACE Guarantees for strategic infrastructures & renewable ...ec.europa.eu/economy_finance/events/2011/2011-05... · SACE Guarantees for strategic infrastructures & renewable energy

The Andromeda transaction

Unconditional and irrevocable first demand guarantee provided by SACE to the Issuer on the PF-A1 (monoline style)

Covering nonpayment and claw back risk in respect of PF-A1 scheduled principal and interest

The payment obligations of SACE are valid irrespective of any invalidity, irregularity or

unenforceability of any of the guaranteed obligations

The guarantee does not cover the make-whole amount or any prepayment or acceleration

payment

SACE has the option but no obligation to accelerate the guaranteed obligations in case of an acceleration of the PF-A1

SACE (“Project Facility A1

Guarantor”)

P+I under Class

A1 and A2 Notes

Guaranteed

Amounts

P+I under PF-A1 and

PF-A2

Andromeda PV S.r.l

(“Borrower”)

Andromeda Finance S.r.l.

(“Issuer”)

EIB

Investors

Guaranteed

Amounts

9

Page 10: SACE Guarantees for strategic infrastructures & renewable ...ec.europa.eu/economy_finance/events/2011/2011-05... · SACE Guarantees for strategic infrastructures & renewable energy

10

to the BorrowersCompliance with state aid rules

credit analysis performed by SACE structures

Attribution of a specific rating to the borrower/project

Coverage of expected loss and expenses

calculation of “risk load”

Application of excess spread in order to achieve

target RAROC

Check market data for comparable transactions

Borrower/project financial soundness

Market oriented price

Compliance with 80% rule (exception for debt

securities)

Preference for balanced risk sharing with lenders

(on average 35% of whole lending amount)

Maximum coverage of outstanding loan

Page 11: SACE Guarantees for strategic infrastructures & renewable ...ec.europa.eu/economy_finance/events/2011/2011-05... · SACE Guarantees for strategic infrastructures & renewable energy

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Risk assessment: Rating Models

Counterparty rating

Counterparty rating +

recovery rate adjustement

Transaction rating

Corporate

Bank

Project Finance

Structured

Finance

Type of RatingType of Risk

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Pricing Model – Pricing to Risk

The transaction is

assigned a rating

Pricing

“Mark to Market”

The implicit PD is

estimated

=

Counterparty rating for unsecured risk

Transaction rating for secured risk

Fair Premium Level

is defined

For each rating and each tenor: it is

computed by the simple moving

average

Page 13: SACE Guarantees for strategic infrastructures & renewable ...ec.europa.eu/economy_finance/events/2011/2011-05... · SACE Guarantees for strategic infrastructures & renewable energy

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Fair Premium Level

Expected Loss

Excess Spread

Expenses

Income from Capital

Capital Charge

+

+

+

-

(Exposure at default) * (Probability of

default) * (1 – Recovery Rate)

Running costs, human resources,

etc..

Level of Profitability

“Risk Load”

Risk Adjusted Performance Measure

RAROC - RARORAC

Page 14: SACE Guarantees for strategic infrastructures & renewable ...ec.europa.eu/economy_finance/events/2011/2011-05... · SACE Guarantees for strategic infrastructures & renewable energy

14

Spread data obtained from market providers

Page 15: SACE Guarantees for strategic infrastructures & renewable ...ec.europa.eu/economy_finance/events/2011/2011-05... · SACE Guarantees for strategic infrastructures & renewable energy

Italy

Head Office

Wo

rld

wid

e

RomePiazza Poli 37/42 - 00187 Rome

Tel. +39 06 67361 • Fax +39 06 6736225

BrazilAl. Min. Rocha Azevedo, 456 – CJTO 101

01410-000 Sao Paulo

Tel. +55 11 31712138 • Fax +55 11 32664051

China40/f Suite 4001 - Central Plaza 18

Harbour Road - Wanchai, Hong Kong

Tel. +852 36202323 • Fax +852 36210227

Romaniac/o ICE - Str. A.D. Xenopol, nr. 15 - Sector 1

010472 Bucharest

Tel. +40 21 2114240 • Fax +40 21 2100613

Russiac/o ICE - Office n.1202

Krasnopresnenskaja Naberejnaja 12

123610 Moscow

Tel. +7 49 52582155 • Fax +7 49 52582156

South AfricaTwo Commerce Square - 39, Rivonia Road

Corner Melville Road Sundhurst

2196 Sandton, Johannesburg

Tel. +27 11 2680623 • Fax +27 11 2680617

Turkeyc/o Consulate General of Italy in Istanbul

Tom Tom Kaptan Sokak, 15

34433 Beyoglu, Istanbul

Tel. +90 212 2458431 • Fax +90 212 2458430

How to contact us

www.sace.it

BariVia Amendola 172/5 - 70125 Bari

Tel. +39 080 5467763 • Fax +39 080 5467764

LuccaVia Dante Alighieri 167 - 55100 Lucca

Tel. +39 0583 40071 • Fax +39 0583 400790

MilanVia A. De Togni 2 - 20123 Milan

Tel. +39 02 4344991 • Fax +39 02 434499749

ModenaVia Elsa Morante 71 - 41123 Modena

Tel. +39 059 891240 • Fax +39 059 820832

Monzac/o Unione Industriali Monza e Brianza

Viale Petrarca 10 - 20010 Monza

Tel. +39 039 3638262 • Fax +39 039 3638208

RomePiazza Poli, 37/42 - 00187 Rome

Tel. +39 06 6736309 • Fax +39 06 6736770

Turinc/o ICE - Via Bogino 13 - 10123 Turin

Tel. +39 011 836128 • Fax +39 011 836425

VeniceViale Ancona 26 - 30172 Venice Mestre

Tel. +39 041 2905111 • Fax +39 041 2905103

15

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Disclaimer

This presentation has been prepared solely for information purposes and should not be used or

considered as an offer to sell or a solicitation of an offer to buy any insurance/financial instrument

mentioned in it.

The information contained herein has been obtained from sources believed to be reliable or has been

prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly,

SACE does not represent or warrant that the information is accurate and complete.

Disclaimer