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Leadership Capital for Infrastructure Development

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Table of Contents Introduction What We Do How We Work Co-Development Program Current Portfolio Partnership Opportunities Leadership

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Coc San Hydro Power


Introduction to InfraCo Asia InfraCo Asia provides responsible leadership in bridging the infrastructure gap in South and South East Asia. Through early stage project development capital and expertise, InfraCo Asia is a catalyst for the private sector to invest in sustainable infrastructure projects in South and South East Asia. InfraCo Asia is a commercially managed infrastructure development and investment company of the Private Infrastructure Development Group (PIDG).

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3 Power Metro Wind


Introduction to InfraCo Asia

Our Mandate

Reduce poverty and provide social and economic benefits Complement, not compete, with the private sector Commercially viable projects

INFRACO ASIA PROVIDES LEADERSHIP CAPITAL FOR THE DEVELOPMENT OF INFRASTRUCTURE PROJECTS ACROSS SOUTH AND SOUTH EAST ASIA’S FRONTIER AND EMERGING MARKETS

Nepal 4

4 Kabeli A Hydropower


Introduction to InfraCo Asia

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Our Mandate at Work

De-risk

Stimulate

Prove

Acts as principal to develop primarily greenfield projects

Raises domestic + international debt & equity finance, bringing projects to financial close

An effective model results in successful, replicable infrastructure projects where needs are highest


Introduction to InfraCo Asia

InfraCo Asia is backed by the Private Infrastructure Development Group (PIDG) - a multidonor organisation that promotes private infrastructure investment in developing countries through specialised financing and project development facilities and programs.

Our Donors

DGIS & FMO

DFAT

SECO

UKAid

SIDA

KfW

NORAD

IFC

Dutch MFA

Private Infrastructure Development Group (PIDG)

Technical Assistance Facility (TAF) 6

DevCo

InfraCo Africa

The Emerging Africa Infrastructure Fund (EAIF)

GuarantCo


What We Do

Combining Donor Capital with Private Sector Leadership and Expertise

Develops Infrastructure Projects as a Principal Project development leadership and commitment as Joint Owner or Sponsor Participates in full development cycle to bring projects to financial close Works with local governments and development partners Provides development capital and expertise Invests in equity ownership NOT a consultant

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Acts Commercially Focusses on commercially viable projects to ensure long term sustainability. Exits projects through sale to the private sector and recycles funds into new projects

Puts Development Capital at Risk Takes on and mitigates the risk associated with early stage development in less developed markets

Actively Participates in Project Development

World Class Teams of Developers

NOT a passive funding source for development expenses

Partners with experienced developer teams


What We Do

Funds Early Stage, High Risk Financial Close Early-Stage Development

Concept

Advanced Development

Risk

InfraCo Asia bridges this gap Cost / Progress

2 – 10% of project cost 8

COD

Construction

Commercial Operation


What We Do

Bridges Critical Gap Funds high-risk development costs. Provides a crucial catalyst that attracts private sector capital Few peers exist in the space

Stages 3 - 4

Stages 1 - 2 Investment at this stage can be small (2%-10% of total cost depending on project size) Riskiest stage of investment Lack of early-stage financing sources in industry InfraCo Asia’s role is complementary to: IFC Infra Ventures Global Infrastructure Facility

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Most institutional investors focus on stages 3 + 4 to diversify portfolios

04 Operation 03

Commercial Banks

Construction Financial Close

Project Development

Multilaterals Private equity Pension Funds

Early-Stage Development

Sovereign Wealth Funds Infrastructure Funds Development Financial Institutions (DFI) & Multilateral Banks (MLB); other infrafocussed government funds


What We Do

Two Complementary Pools of Capital

InfraCo Asia Development

InfraCo Asia Investments

Provides early stage development expertise and capital

Provides capital at financial close

De-risks projects and creates “bankable� investment opportunities Invests as sponsor / joint owner, usually in partnership with local or international sponsor ~US$200.7m funding committed by governments of Australia, UK, Switzerland, of which ~US$98.5m deployed to date

Fills the gap when a project is unable to raise all the capital needed Participates as co-investor alongside private sector, only takes minority stake Flexible in form of investment: equity / mezzanine / debt finance ~US$68m funding committed by government of UK, of which ~US$27m deployed to date

Exit through sale of equity / refinancing once project is in operations and recycles proceeds into new projects 10


Geographic Scope

What We Do

South Asia

South East Asia

Bangladesh

Cambodia

Bhutan

Indonesia

India

Laos

Nepal

Myanmar

Pakistan

Philippines

Sri Lanka

Vietnam 11


What We Do

Sector Coverage

Power & Energy

Telecommunications

Urban & Social Infrastructure

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Logistics & Transport Infrastructure

Agriculture

Water & Waste Water

Oil & Gas Distribution

Waste Management

Manufacturing


How We Work

Project Selection InfraCo Asia applies a consistent and disciplined approach to project screening.

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Development Impact

Additionality

Commercial Viability

Projects deliver development benefits for local communities and meet social and environmental best practice

Projects where private sector developers are unwilling or unable to take on the upfront costs and risks on their own

Sustainable projects attract private investment and ensure a return on the sale of InfraCo Asia's ownership rights

These three criteria reflect our mandate: Social Benefit Complement, Not Compete Commercial Viability


How We Work

Project Selection Development Partner

Government Commitment

Commitment to project

Understanding of InfraCo Asia’s objectives

Acceptance of InfraCo Asia role Acceptance of economic user-charges

Core Requirements

Development Path Amenable regulatory environment Visible path to financial close

InfraCo Asia will only develop a project with the right partner; a viable development path; a supportive host government and when all investment criteria are met.

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Commercial tariff Technically feasible Sustainable development

Implementation support

Equity Investment Considerations Understands potential private sector co-investor’s considerations Flexibility to invest minority portion of capital beyond financial close


How We Work

Development Process InfraCo Asia develops projects according to best practice quality standards

Identifies and screens infrastructure project opportunities

Works with local and foreign partners when appropriate

Access to credit enhancement and technical assistance facilities can help make projects bankable and politically acceptable

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Develops projects to financial close taking on cost and risk as project sponsor

Secures debt & equity financing and sells majority stake to reach financial close and sells stake to private sector as soon as practicable

Creates local subsidiary company - 'organising' entity on the ground

Reinvests proceeds from successful sales in more development activity


How We Work

Development Programs

Developer Services Program

Co-Development Program

Myanmar Program

Work with contracted developers

Work with 3rd party developers, providing leadership and capital

Comprises both Developer Services Program and Co-Development Model with ring-fenced funding

Provide equity funding Lead project development

Flexible forms of funding (equity, convertibles and other instruments)

Program initiated 2015

Program initiated in 2015

SOUTH ASIA DEVELOPER TEAM Equicap Asia SOUTH EAST ASIA DEVELOPER TEAM Infunde Development

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MYANMAR DEVELOPER TEAMS Infra Capital Myanmar ReEx Infra Capital Myanmar ADL


Co-Development Program

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Concept

How it Works

InfraCo Asia invests in 3rd party developer projects to provide pre-financial-close development capital

Third party developers take a majority or 50% stake and lead project development. InfraCo Asia provides early stage risk capital, capped at 50% of development costs.

Project development led by third party developer

In return for development funding and assistance, InfraCo Asia will have the right to an equity stake in the project, board positions, and exit with returns on its investments.

Program managed by InfraCo Asia’s Management Team

InfraCo Asia aims to exit from projects as soon as feasible: at financial close, when the project is sufficiently de-risked, after commercial operation, or when it can attract private capital on its own merits.

InfraCo Asia provides project development and financing expertise, along with corporate governance oversight that helps bring projects from development stage to financial close.


Co-Development Program

Screening & Approval Process

Preliminary Exchange of Information

Screening

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In principle approval by Investment Committee / IAD Board

Approval

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5

NDA, Q&A , Exchange of Project Details

Review Proposal, Determine Next Steps

Complete Project Proposal Templates

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3

4

Sign LoI/ Exclusivity letter, Compliance Checks, Site Visits

Financial, Legal, Technical Due Diligence, Discuss SHA terms

Final Approval by Investment Committee / IAD Board

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Current Portfolio Pakistan

India

Gul Ahmed (50MW)

Junga Hydroponics (9.3 ha)

Wind Power (Operation Oct 2016)

Hydroponics Farming (JVA Signed February 2017)

Metro Wind (50MW) Wind Power (Operation Sep 2016) India

Grain Mandi Agri Logistics and Storage (Financial Close expected Q4 2017) Nepal

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Project Pipeline– South Asia

India

Pareng (14.5MW) & Keyi (23MW) * Run-Of-River Hydro Power (JIDA Signed October 2016) * Co-Development Program Nepal

Kabeli-A (37.6MW)

Lower Manang Marsyangdi (100MW)

Run-of-river Hydro Power (Construction Commenced March 2017)

Hydro Power (Financial Close expected 2H 2018)


Current Portfolio Sri Lanka

Kotte (10MW) Waste to energy (Financial Close expected Q2 2018)

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Project Pipeline– South Asia Sri Lanka

Sri Lanka Biomass (75,000 Tonnes) Biomass (JDA Signed May 2017)


Current Portfolio Philippines

Vietnam

6 Mini Hydro (26MW) *

Coc San (29.7 MW)

Run-Of-River Hydro Power (JDA Signed April 2016)

Run-Of-River Hydro Power (Operation April 2016)

* Co-Development Program

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Project Pipeline– South-East Asia


Current Portfolio Myanmar

Myanmar

Waste to Feed

Rural Electrification

Agri waste to fish feed (JDA signed October 2016)

Energy service for Telco towers (JDA signed November 2016)

Myanmar

Myanmar

Rice Processing

Hybrid Seed Centre

Value added products from broken rice (JDA signed October 2016)

Increase rice yields & farmer income (JDA signed December 2016)

Myanmar

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Project Pipeline– Myanmar

Myanmar

Yae Ni Gas Power

Wind Power

Power for industry & community (JDA signed November 2016)

Wind power project (MOU signed April 2017)


Partnership Opportunities Partners

Projects

InfraCo Asia’s key expertise is in the early stage development of infrastructure projects.

We are interested in Projects located in South East Asia (including Myanmar) and South Asia that may be ideal candidates for InfraCo Asia’s Co-Development Program

We are happy to dicuss genuine proposals with governments, businesses and individuals.

Bridge the Gap Join us in unlocking the private sector capital that is so critical to bridging the infrastructure gap in emerging Asia. Enquiries are welcome.

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Gul Ahmed Wind Power


InfraCo Asia Leadership

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Board

John Walker

Robert Edgell

Amy Lee

Chair

Non-Executive Director

Non-Executive Director

John Walker was appointed Chair of InfraCo Asia Development Pte. Ltd. on 15 January 2016. John is Executive Chairman of Infrastructure, Utilities and Renewables Asia for Macquarie Capital and also Chairman of Macquarie Group of Companies, Korea. In 2015 he was appointed as the Chairman of Macquarie Project Services for Middle East and Asia.

Robert Edgell was appointed NonExecutive Director of InfraCo Asia Development Pte. Ltd on 1 July 2013. Robert is a retired private power company executive who pioneered the Edison Mission Energy Company (EME) beginning in 1982 from a small California based cogeneration developer, to a world-wide private power development and acquisition company with assets over $ 5 billion.

Amy Lee was appointed Non-Executive Director of InfraCo Asia Development Pte. Ltd. on 1 January 2016. Amy is currently a consultant with Singapore boutique law firm, Tan Kok Quan Partnership. Amy specialises in advising private and public market participants on infrastructure developments and government advisory transactions across Asia.


InfraCo Asia Leadership

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Board

Tantra Narayan Thakur

Clive Turton

Non-Executive Director

Non-Executive Director

Tantra Narayan Thakur was appointed Non-Executive Director of InfraCo Asia Development Pte. Ltd. on 11 November 2010. Until his retirement in October 2012, T N Thakur was Chairman and Managing Director of PTC India Ltd, a Government of India initiated PublicPrivate Partnership which is leading the development and implementation of power trading in India and thereby seeks to develop a commercially vibrant power market in the country.

Clive Turton was appointed NonExecutive Director of InfraCo Asia Development Pte. Ltd. on 1 September 2014. Clive is currently President Asia Pacific for Vestas AS based in Singapore. Prior to this, Clive was Chief Executive Officer of Asia Power Development Platform, a power development company formed by Macquarie Capital and STEAG. Clive was previously Managing Director of APR Energy Asia Pacific.


InfraCo Asia Leadership

Allard M Nooy Chief Executive Officer

Allard Nooy joined InfraCo Asia in mid2013 and has been responsible for the company’s strategic transformation process, driving the development and implementation of its ‘multidevelopers’ and co-development programme. Allard has over 25 years of strategic executive leadership experience in the infrastructure sector in emerging markets in Asia. He has successfully led and acquired infrastructure, energy and environmental companies. His focus has been on growth strategies, creation of new assets and the financing and execution of infrastructure projects. 26

Management

The format of these projects varied widely and included PPP’s and BOOT structures in the water, waste water, solid waste management, waste-toenergy, power, and renewable energy sectors. His previous roles include CEO of Jindal Aquasource (JITF Water Infrastructure Ltd) and Jindal Ecopolis (JITF Urban Infrastructure Ltd), in New Delhi, India; President Asia Pacific with Covanta Energy Corporation, the world's largest Energy from Waste Company, in Shanghai, China; Regional Director Infrastructure Development and Director China with the Leighton Group in Asia; Regional Director Greater China at Thames Water International, in Hong Kong SAR; and General Manager of Vermeer - Ballast Nedam, while based in Vietnam. Twitter: @AllardMNooy

Claudine Lim Chief Operating Officer

Claudine Lim joined InfraCo Asia at its inception in 2009 and played an instrumental role in establishing the Company’s operations and managing the competitive procurement process to select a developer team. Since then, Claudine has supported the InfraCo Asia board in an executive capacity and managed stakeholder relations. Claudine has also worked on the establishment of InfraCo Asia’s sister facility, InfraCo Asia Investments (IAI), and is currently responsible for the day-to-day management of IAI.

Prior to joining InfraCo Asia, Claudine was responsible for investor relations at Temasek Holdings, a Singapore government-owned investment holding company. Previous roles also include leading the strategic planning, business development and investor relations functions in M1, a Singapore listed telecommunications company, and being part of the regional business development team for Cable & Wireless Asia Pacific, in Hong Kong. She commenced her career with the Singapore Civil Service and has held appointments in various Ministries.


InfraCo Asia Leadership

Management

Raghav Koshik

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Assistant Portfolio Manager

Benny Lee

Raghav Koshik joined InfraCo Asia in October 2015. Raghav works closely with InfraCo Asia's South Asia developer team, and has responsibilities overseeing the South East Asia and South Asia codevelopment programs. Raghav conducts analysis of infrastructure development opportunities and coinvestment projects across Asia. He contributes to developing plans that support Senior Management and Board strategic objectives. Previously, Raghav was with PwC’s Capital Projects and Infrastructure team in Singapore.

Benny Lee joined InfraCo Asia in December 2015. In his role, Benny supports the finance and accounting function of InfraCo Asia. Prior to this, Benny was an Audit Manager with KPMG Singapore and has over 7 years of experience in public accounting and commercial financial planning and analysis. During his tenure with big four accounting firms, Benny was involved in the audit engagements of public listed companies, multi-national corporations and private entities in Singapore and Malaysia.

Finance Manager

Gabrielle Lim Finance Associate

Gabrielle joined InfraCo Asia in March 2017 to support its finance and accounting functions. Gabrielle brings expertise in project development, investment monitoring and due diligence. Her previous experience includes as a Senior Associate with the Strategic Corporate Finance team of Sindicatum Sustainable Resources Group. Prior to this she was a Consulting Associate at Dragonfly LLC and completed an internship as an Equities Analyst with RHB Securities.


InfraCo Asia Leadership

Management

Ian McAlister Director, Projects and Operations

Ian McAlister began working with InfraCo Asia in August 2016 where he oversees project managers responsible for construction of new facilities. Ian has been involved in the design, management and delivery of numerous complex power projects for consulting firms and ownership companies, including private sector funded projects such as the 1,070MW Nam Theun 2 Hydroelectric Project in Laos.

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Jeraine Ng Financial Controller

Jeraine Ng has extensive auditing, financial control and accounting experience, and oversees the finance and accounting functions of InfraCo Asia. Prior to joining the company in September 2014, she was a Controller with AES (NYSE: AES), a Fortune 200 global power company. Previously, Jeraine was in Business Unit Control of the Credit Markets Origination business with the Royal Bank of Scotland.

Prabaljit Sarkar Director, Business Development

Prabaljit Sarkar joined InfraCo Asia in October 2016, where he has the primary responsibility for originating, developing, structuring and implementing co-investments under the InfraCo Asia Co-Development and Investment programs in South and South-East Asia. Prabaljit has over 25 years of experience of Power and Infrastructure development activities in Asia. He spent over 12 years at AES Corporation (NYSE: AES), a Fortune 200 global power company.


InfraCo Asia Leadership

Management

Jeremy Saw General Counsel

Jeremy Saw joined InfraCo Asia in August 2015 and manages the legal and compliance functions. He has diverse experience across the AsiaPacific and ASEAN region, particularly in the infrastructure, renewables, energy and project development sectors. Prior to joining InfraCo Asia, Jeremy was Senior Associate at Baker & McKenzie, a global law firm, working from bases across Australia, Indonesia, Malaysia, Myanmar and Singapore, covering the Asia-Pacific region.

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Shalabh Singhania Portfolio Manager

Shalabh Singhania joined InfraCo Asia in September, 2014. In his role, Shalabh conducts quantitative and qualitative analysis of infrastructure development opportunities and co-investment projects across Asia, as well as managing InfraCo Asia's Myanmar and South Asia developer teams. Shalabh was a key member of a telecom startup in the US that served clients worldwide with a significant presence in Asian markets. He also worked with PwC’s Infrastructure Advisory team in the US and India.

Soo Imm Teo Executive Assistant & Office Manager

Soo Imm Teo joined InfraCo Asia in July 2015. She brings extensive experience in supporting Senior Management, conference-seminar & board meeting arrangements, negotiation of hotel & travel rates, office management as well as reporting capability, to InfraCo Asia. Prior to this Soo Imm was with Deutsche Bank AG Asia Pacific Head Office (Singapore).


InfraCo Asia Leadership

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Management

Karen TsangHounsell

Lindsey Zouein

Investment Manager

Communications Advisor

Karen joined InfraCo Asia in March 2017 and is responsible for actively managing the company’s investments. Previously Karen was an Associate Director at Hastings Funds Management in Singapore where she managed strategic partnerships in India, Malaysia and Indonesia to develop new investment products in Asia. Before relocating to Singapore, Karen was a Senior Associate with Hastings Funds Management in Melbourne

Lindsey joined the InfraCo Asia team as Communications Advisor in June, 2017. In her role she guides InfraCo Asia's messaging, branding and strategic communications as well as being responsible for creative content. Lindsey has consulted with a number of Asia- and Silicon Valleybased companies to help give shape to new offers, products, and platforms. Previously, Lindsey spent six years at global design and innovation firm, IDEO, moving to Singapore in 2012 to serve as Marketing Director, Asia Markets.


Thank You

Contact Us InfraCo Asia Development Pte. Ltd. 9 Raffles Place Level 18, Republic Plaza II Singapore 048619 T + 65 6823 6860 E info@infracoasia.com W www.infracoasia.com InfraCo Asia

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www.PIDG.org

InfraCo Asia

Private Infrastructure Development Group

@InfraCoAsia

@pidgorg

InfraCo Asia's Corporate Presentation  

Find out more about InfraCo Asia's unique model and mandate; providing leadership and capital to sustainably develop early-stage infrastruct...