53062 PPI data update note 26 November 2009 Private activity in energy down, but still around peak levels Private activity in energy showed mixed results in 2008, according to just-released data from the Private Participation in Infrastructure Project Database. Although investment commitments to energy projects with private participation were down, they remained strong--at the third highest level in 1990­2008. Activity in the first half of 2008 kept investment at a high level for the year. Investment slowed in the second half with the full onset of the financial crisis. The slowdown in the second half also led to a decline in the number of projects for the year. In 2008, 86 energy projects with private participation reached financial or contractual closure in 23 low- and middle-income countries. 1 These involve investment commitments (hereafter, investment) of US$37.2 billion. Energy projects implemented in previous years had additional commitments of US$10.39 billion, bringing total investment in 2008 to US$47.5 billion. That represents a drop of 7% from the level reported in 2007 (figure 1). 2 Lower payments to governments (such as concession or lease fees and divestiture revenues) account for the decline. By contrast, investment in physical assets, which amounted to US$38.7 billion in 2008, was up 6% from that reported in 2007. Figure 1 Investment commitments to energy projects with private Figure 2 Investment commitments to new energy projects with private participation in developing countries, by implementation status, 1990­2008 participation in developing countries, by project size, 1995­2008 2008 US$ billions* New projects 2008 US$ billions* 60 180 60 50 150 50 40 120 40 30 90 30 20 60 20 10 30 10 0 0 0 1990 1995 2000 2005 2008 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1st semester 2nd semester Additional investment in existing projects New projects Remaining projects Projects of US$1 billion or more Source: World Bank and PPIAF, PPI Project Database. *Adjusted by US CPI. Source: World Bank and PPIAF, PPI Project Database. *Adjusted by US CPI. After growing for three consecutive years, the number of projects reaching financial or contractual closure declined by 22% in 2008 compared with 2007. The closure of larger projects explains the divergence in trends between investment and number of projects. Large projects (US$1 billion or more) account for most of the investment growth in 2007 and 2008 (figure 2). With these projects excluded, investment grew from US$14.7 billion in 2006 to US$17.4 billion in 2007, then fell to US$13.4 billion in 2008. The average project size grew from US$120 million in 2004 to US$435 million in 2008, while the median rose from US$34 million to US$152 million. New projects and associated investment in 2008 were concentrated in the first half of the year, when 47 of the 86 projects reached closure. These involve investment of US$24.3 billion, 65% of the total for new projects. Investment in the first semester of 2008 was up 95% from the same period of 2007--and This note was written by Ada Karina Izaguirre, infrastructure specialist, and Edouard Perard, consultant, Finance, Economics, and Urban Development Department, Sustainable Development Network, World Bank. 1 The data on energy projects with private participation include primarily medium-size and large projects as reported by the media and other public sources. Small-scale projects are generally not included because of lack of public information. Equatorial Guinea, Hungary, the Northern Mariana Islands, Oman, and the Slovak Republic became high-income economies according to the 2008 World Bank country classification (released in July 2008) and are therefore excluded from the 2008 update of the PPI Project Database. 2 Investment data are reported in 2008 U.S. dollars, using the U.S. consumer price index and 2008 as the base year. Data at http://ppi.worldbank.org/ are reported in millions of current U.S. dollars unless otherwise indicated. 1 the second highest of any first semester in 1990­2008. That suggested a continuation of the investment growth seen since the second semester of 2006 (see figure 1). But activity dropped off sharply in the second semester of 2008, with investment amounting to just US$13 billion. Preliminary data for the first semester of 2009, however, suggest a strong recovery in activity. Investment reached a new peak of US$35.6 billion, driven by the implementation of unusually large generation projects. 3 New energy contracts were granted using different award methods and bidding criteria. Of the 86 projects in 2008, 32 were granted through direct negotiations while 27 were awarded through competitive tenders, 10 as a result of unsolicited proposals, and 6 through competitive negotiations. There was no public information on the award method for the other 11 contracts. For the projects awarded through competitive tenders or competitive negotiations, the main criteria were the highest price paid to government (used for 60% of these projects) and the lowest tariff (9%). As in previous years, greenfield projects and divestitures were the most common types of private participation in 2008 (figure 3). 4 Sixty-five greenfield projects were implemented, representing 59% of the investment in new energy projects in 2008, while 19 divestitures reached closure, accounting for 40% of the investment. Investment in greenfield projects reached a new peak in 2008, thanks to the activity in both semesters: 33 greenfield projects involving US$10.4 billion reached financial closure in the first semester, while 32 projects representing US$11.5 billion reached closure in the second semester (figure 4). In addition, US$4.7 billion was invested in previously implemented greenfield projects. By contrast, investment in divestitures dropped by 23% in 2008 compared with 2007, as a result of the sharp decline in the second semester. The first semester saw 14 divestitures involving US$13.6 billion in investment, the highest investment level for a first semester in 1990­2008. But divestiture activity slowed sharply in the second semester, with just 5 transactions representing investment of US$1.4 billion, the lowest investment level since the second semester in 2005. The drop in divestitures in the second half of 2008 can be explained at least in part by the end of the privatization of Russian RAO UES's generating companies (see section on activity by region) and the more difficult investment environment that came with the full onset of the global financial crisis. Figure 3 Investment commitments to energy projects with private Figure 4 Investment commitments to energy projects with private participation in developing countries, by type of PPI, 1990­2008 participation in developing countries, by type of PPI and implementation status, 2005­08 60 2008 US$ billions* 30 2008 US$ billions* 50 25 20 40 15 30 10 20 5 10 0 2005 2006 2007 2008 2005 2006 2007 2008 2005 2006 2007 2008 0 Concessions Divestitures Greenfield projects 1990 1995 2000 2005 2008 1st semester 2nd semester Additional investment in existing projects Concessions Divestitures Greenfield projects Note: Includes investment in projects reaching financial closure in 1990­2008 *Adjusted by US CPI. *Adjusted by US CPI. Source: World Bank and PPIAF, PPI Project Database. Source: World Bank and PPIAF, PPI Project Database. Activity by subsector. With 79 new projects involving US$37 billion in investment in 21 countries, electricity accounted for most of the energy activity in 2008. In addition, investment in existing projects amounted to US$9.3 billion , bringing total investment in 2008 to US$46.3 billion , around the same level as in 2007 and the second highest level in 1990­2008 (figure 5). The number of projects, by contrast, declined by 14% in 2008 compared with 2007. 3 "Assessment of the Impact of the Crisis on New PPI Projects: Update 4," PPI data update note 24 (October 2009). 4 This note uses the term greenfield project as defined in the PPI Project Database methodology. The definition includes the following schemes: build, lease, and transfer (BLT); build, operate, and transfer (BOT); build, own, and operate (BOO); merchant; and rental. 2 Within electricity, generation accounted for most of the activity, with 73 projects representing total capacity of 62,200 megawatts (MW). These projects involve US$34.3 billion in investment. In addition, investment in previously implemented generation projects amounted to US$5.3 billion, bringing the total to US$39.5 billion, a level similar to the peak reached in 2007 (figure 6). Activity in electricity generation was concentrated in the first semester, when 41 projects involving investment of US$22.1 million reached closure--the highest investment level for a first semester in 1990­2008. Among the six other electricity projects, two were electricity distribution projects involving the divestiture of companies in Jordan and Romania and investment of US$1.3 billion. Previously implemented electricity distribution projects had additional investment of US$3.1 billion, bringing the total to US$4.4 billion. In addition, there was a partial divestiture of an integrated electricity utility in Poland--ENEA, which operates 2,880 MW in power generation and distributes electricity in the northwestern part of the country. Finally, three electricity transmission projects were implemented in Brazil and India. These involve US$700 million in investment and 864 kilometers of transmission lines. Figure 5 Investment commitments to energy projects with private participation Figure 6 Investment commitments to electricity projects with private in developing countries, by subsector, 1990­2008 participation in developing countries, by segment, 1990­2008 60 2008 US$ billions* 2008 US$ billions* 60 50 50 40 40 30 30 20 20 10 10 0 0 1990 1995 2000 2005 2008 1990 1995 2000 2005 2008 Electricity Natural gas Distribution Generation Integrated utilities Transmission *Adjusted by US CPI. *Adjusted by US CPI. Source: World Bank and PPIAF, PPI Project Database. Source: World Bank and PPIAF, PPI Project Database. New private activity in natural gas was limited to seven projects: six distribution projects and one integrated (transmission and distribution) project. These projects are located in Bangladesh, China, Georgia, and India and involve investment of US$240 million. In addition, investment in existing natural gas projects amounted to US$970 million, bringing the total in 2008 to US$1.2 billion, the lowest in 1990­2008. Most of the energy projects reaching closure in 2008 depend for their main source of revenue on contracts with public sector entities. Fifty-three generation projects have purchase agreements with public sector entities as their main revenue source, while 11 rely on purchase agreements with private sector entities. The remaining generation projects have a mix of revenue sources (purchase or transmission fee agreement with public or private entities and sales to wholesale markets). The 10 projects involving distribution services have user fees as their main source of revenue, while the 3 transmission projects have transmission fee agreements with private entities. Activity by region. Private activity in energy was concentrated in a few countries in 2008. The top two countries, India and the Russian Federation, accounted for almost 50% of investment and 28% of new projects (figure 7). With Brazil and Turkey added, the top four countries represented 68% of investment and 43% of new projects. The distribution of private activity between the first and second half of the year varied among regions. In Europe and Central Asia private activity was concentrated in the first semester, with little activity in the second (figure 8). In Latin America and the Caribbean and South Asia new activity was equally divided between the two semesters. In East Asia and Pacific, the Middle East and North Africa, and Sub- Saharan Africa the limited activity in 2008 took place mostly or entirely in the second semester. 3 In East Asia and Pacific five countries implemented 20 projects (16 for electricity generation and 4 for natural gas distribution services; table 1). China implemented 10 projects, involving investment of US$678 million. Six of these projects (five build-operate-transfer [BOT] contracts and one concession) are for electricity generation, for a total of 577 MW. The other four (three BOT contracts and one concession) are for natural gas distribution. Cambodia secured financing for an 18-MW hydropower plant to be developed on a BOT basis. Indonesia raised financing for four new power plants with total installed capacity amounting to 1,600 MW and investment of US$2.4 billion. Of these projects, the largest by far is the US$2.2 billion, 1,320-MW expansion of the Tanjung Jati B coal-fired power plant, which was developed under a 20-year build-lease-transfer (BLT) contract. The Philippines finalized the divestitures of two power generation projects (the 1,200-MW Masinloc coal- fired power plant and the 225-MW Ambuklao-Binga hydroelectric power complex), with investment amounting to US$1.4 billion. The Philippines also implemented a 42-MW hydropower plant on a build- own-operate (BOO) basis. Thailand secured financing for two power plants to be developed on a BOO basis: the US$1.15 billion, 660-MW GHECO-One coal-fired power plant and the US$224 million, 185-MW gas-fired SIPCO power plant. Figure 7 Investment commitments to energy projects with private Figure 8 Investment commitments to energy projects with private participation in main recipients and rest of developing countries, participation in developing countries, by region and implementation 1998­2008 status, 2005­08 2008 US$ billions* 21 2008 US$ billions* 60 18 50 15 40 12 30 9 20 6 3 10 0 0 2005 2006 2007 2008 2005 2006 2007 2008 2005 2006 2007 2008 2005 2006 2007 2008 2005 2006 2007 2008 2005 2006 2007 2008 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 EAP ECA LAC MENA SA SSA Remaining developing countries Brazil India Russian Federation 1st semester 2nd semester Additional investment in existing projects Note: Includes investment in projects reaching financial closure in 1990­2008. Note: Includes investment in projects reaching financial closure in 1990­2008. Source: World Bank and PPIAF, PPI Project Database. *Adjusted by US CPI. Source: World Bank and PPIAF, PPI Project Database. *Adjusted by US CPI. Europe and Central Asia was the most active region, with seven countries implementing 26 projects. Russia led regional activity by divesting nine electricity generation companies with total installed capacity of 41,734 MW, through transactions involving investment of US$11.4 billion. These divestitures were part of the restructuring of the Russian electricity sector, which included the spinoff of RAO UES, an electricity holding company, into several vertically disintegrated companies and the divestiture of six wholesale generation companies (OGKs) and 14 territorial generation companies (TGKs). In Bulgaria, American AES Corporation secured financing for the US$370 million, 156-MW St. Nikolas wind farm. In Croatia, German Wallenborn Projektentwicklung implemented the US$85 million, 42-MW Senj wind farm project. Georgia fully divested its regional gas distribution network, with 30,000 connections, to State Oil Company of Azerbaijan Republic. Through an initial public offering, Poland sold a 23% stake of ENEA, the fourth largest integrated electricity utility in the country, for US$738 million. In addition, Poland implemented five wind generation projects on a BOO basis, involving total capacity of 152 MW and investment of US$500 million. Romania finalized the sale of Electrica Muntenia Sud, which serves 1.1 million customers in the Bucharest area, to Italian Enel. The US$1.2 billion transaction, for which the process started in 2005, consisted of selling the equivalent of a 50% stake in the company for US$581 million and the subscription of a capital increase for US$625 million, after which Enel owned a 64% stake. Romania also divested three micro-hydropower plants for US$54 million. In Turkey four greenfield projects for electricity generation reached financial closure, representing investment of US$1.9 billion and total installed capacity of 2,140 MW. The largest project consists of 10 hydropower plants with total capacity of 980 MW and a 920-MW natural-gas-fired thermal plant. The project was developed by a joint venture between Austrian Verbund and Turkish Sabanci Holding. 4 In Latin America and the Caribbean three countries implemented 11 projects: 9 power plants with total capacity of 1,604 MW and 2 electricity transmission lines. Brazil was the most active, with nine greenfield projects: seven electricity generation projects, involving US$1.1 billion in investment and 607 MW, and two electricity transmission lines, representing US$467 million in investment and 616 kilometers. Argentina implemented one greenfield project: a US$205 million, 178-MW expansion of Central Termica Loma de La Lata, to bring total installed capacity to 547 MW. Mexico secured financing for the US$400 million, 450-MW natural-gas-fired power plant being developed by Spanish Union Fenosa under a 25-year BOT contract. In the Middle East and North Africa only Jordan had new private activity. Jordan divested two regional electricity distribution companies, 100% of Electricity Distribution Company (EDCO) and its remaining share (55.4%) of Irbid District Electricity Company (IDECO), for US$104 million. The two companies have a total of 438,000 connections. South Asia was the second most active region, with 21 projects involving US$12 billion in investment in three countries. India was by far the most active, with 15 projects. Of these projects, 13 are for electricity generation plants, involving almost 10,600 MW and US$10.8 billion in investment. Four involve investment of more than US$1 billion: the US$4.2 billion, 4,000-MW Mundra Ultra Mega power project sponsored by Tata Enterprises; the US$1.4 billion, 1,005-MW Monnet Ispat power project sponsored by the Monnet Group; the US$1.1 billion, 1,200-MW Jamnagar power plant sponsored by the Essar Group; and the US$1 billion, 1,050-MW Maithon Right Bank power project sponsored by Tata Enterprises. India also implemented a $234 million electricity transmission line as well as a US$55 million natural gas distribution project in Faridabad, in the state of Haryana. Through an initial public offering, Bangladesh divested 25% of Titas Gas Transmission and Distribution Company for US$31 million. Finally, Pakistan implemented five greenfield electricity generation projects with total investment of US$882 million and total installed capacity of 879 MW. In Sub-Saharan Africa four countries implemented seven greenfield projects for power generation, involving investment of US$522 million and total capacity of 366 MW. Angola signed a 60-MW rental contract. Information on the contract duration was not publicly available. Kenya secured financing for two power plants: the US$155 million, 90-MW Rabai power plant and the US$35 million, 35-MW Mumias power plant. Togo implemented the 100-MW Centrale thermique de Lome power project under a 25- year BOT contract. Uganda signed three BOT contracts representing 81 MW in total capacity and US$142 million in investment. Potential new projects. In addition to the 86 new projects reaching financial or contractual closure in 2008, at least 66 other projects were awarded but had not reached closure by the end of the year. In East Asia and Pacific there were seven potential electricity generation projects. In Europe and Central Asia there were 27 potential projects (21 for electricity generation, 5 for electricity distribution, and 1 for natural gas distribution). In Latin America and the Caribbean there were 16 potential projects (9 for electricity generation and 7 for electricity transmission). In the Middle East and North Africa there were 2 potential electricity generation projects, and in South Asia there were 10. In Sub-Saharan Africa there were four potential projects (three for electricity generation and one for electricity distribution). Canceled and distressed projects. Three projects were canceled in 2008. In Argentina the Province of Catamarca nationalized Empresa Distribuidora de Energia Catamarca (Edecat) in October 2008. Edecat, the provincial electricity distribution company, had been partially divested in 1996. In Bolivia the national government completed the nationalization of Transredes in October 2008. Transredes, the country's natural gas transmission company, had been partially divested in 1997. In Cape Verde the national electricity and water utility, Electra, became a fully state-owned enterprise in May 2008 when Electricidade de Portugal signed an agreement with the government returning the stake it had acquired in the company. Electra had been partially divested to a consortium led by Electricidade de Portugal in 1999. 5 Two projects that had been in international arbitration at the end of 2007 reached settlements and became operational during 2008. One of them, the Electroquil power plant in Ecuador, spent four years in international arbitration for nonpayment of generation fees by the government. The International Centre for Settlement of Investment Disputes ruled on the case in August 2008, requesting the government to pay US$5.5 million plus interest to Duke Energy Corporation, the project sponsor. The other project was Energia del Sur in Argentina. BP America, the project sponsor, and the government of Argentina discontinued the international arbitration process that had started in 2004 because of disputes over compensation for losses caused by the devaluation of the Argentine peso in 2001. As a result of these changes, the number of canceled or distressed energy projects grew by one in 2008, bringing the total number to 95. These projects represent 8% of the total investment in energy in 1990­ 2008. Concluded projects. Two projects concluded in 2008. In Kenya the two-year management contract for the public utility Kenya Power and Lighting Company (KPLC), awarded in 2006 to Canadian Manitoba Hydro International, concluded in July 2008. KPLC, which manages about 800,000 connections, returned to public sector management, and the government has not announced any plan to reengage the private sector in the company. In Russia, RAO EES Rossii, the holding company for national and regional electricity utilities, was dissolved on July 1, 2008, as part of the power sector restructuring. The shares of RAO EES Rossii, which was partially divested in the early 1990s through the voucher privatization program and initial public offerings, were distributed among the spinoff companies. 6 Table 1 Energy projects with private participation reaching financial or contractual closure in 2008 Note: .. = not available. East Asia and Pacific Private Investment Capacity Contract Project Sub- equity commitment size and period Country Project name status sector Type of PPI (%) (US$ millions) type (years) Main sponsors 1 Cambodia Kirirom No.3 Hydropower Construction Electricity Greenfield 100 47.1 18 MW 33 State Grid Xin Yuan Station project (BOT) Company Limited (100%, China) 2 China Ganzi Jiulong River Construction Electricity Greenfield 100 276 330 MW 44 China Light and Power Ltd. Hydropower Plant project (BOT) (65%, Hong Kong, China) 3 China Gongzhulin Towngas Co., Operational Natural Concession 100 7.58 24,000 30 Hong Kong and China Gas Ltd. gas connections Company (100%, Hong Kong, China) 4 China Guohua Hulunbeier Wind Operational Electricity Concession 49 12.27 49.5 MW 40 AES Corporation (49%, Farm Project Phase I United States) 5 China Houxinqiu Mazong Mount Construction Electricity Greenfield 49 76.08 49.5 MW 30 China Windpower Group Wind Farm Project project (BOT) Limited (49%, China) 6 China Huanghua Wind Farm Construction Electricity Greenfield 49 74.22 49.5 MW 25 AES Corporation (49%, Project Phase II project (BOT) United States) 7 China Huangshan City Pipeline Operational Natural Greenfield 100 10.01 .. 30 Hong Kong and China Gas Gas Project gas project (BOT) Company (100%, Hong Kong, China) 8 China Qujiagou Wind Farm Construction Electricity Greenfield 49 68.1 49.5 MW 30 China Windpower Group Phase I project (BOT) Limited (49%, China) 9 China Siziwang Qi Wind Farm Construction Electricity Greenfield 100 68.67 49.5 MW 20 Hong Kong Construction Project project (BOT) (Holdings) Ltd. (100%, Hong Kong, China) 10 China Yunfu City LPG Project Construction Natural Greenfield 100 21.46 .. 30 China Gas Holdings Limited gas project (BOT) (100%, Hong Kong, China) 11 China Zhaoqing City LPG and Construction Natural Greenfield 100 64.38 650,000 30 Xinao Gas Holdings Limited LNG Project gas project (BOT) population (100%, China) 12 Indonesia Bangka Power Plant Construction Electricity Greenfield 100 23 24 MW 25 PT Truba Alam Manunggal project (BOO) Engineering Tbk (100%, Indonesia) 7 13 Indonesia PLTA Poso Construction Electricity Greenfield 100 134 195 MW 30 Bukaka Group (..%, project (BOO) Indonesia), Hadji Kalla Group (..%, Indonesia) 14 Indonesia Pontianak Power Plant Construction Electricity Greenfield 100 56.2 60 MW 25 PT Truba Alam Manunggal project (BOO) Engineering Tbk (100%, Indonesia) 15 Indonesia Tanjung Jati B Units 3 & 4 Construction Electricity Greenfield 100 2,200 1,320 MW 20 Sumitomo Corporation Coal-Fired Power Plant (BLT) (100%, Japan) 16 Philippines Ambuklao-Binga Construction Electricity Divestiture 100 495 225 MW .. SN Power (50%, Norway), Hydroelectric Power Aboitiz Equity Ventures Complex (50%, Philippines) 17 Philippines Hedcor Sibulan Hydro Construction Electricity Greenfield 100 105 42.5 MW .. Aboitiz Equity Ventures Plants project (BOO) (100%, Philippines) 18 Philippines Masinloc Coal-Fired Operational Electricity Divestiture 100 930 1,200 MW .. AES Corporation (92%, Thermal Power Plant United States) 19 Thailand GHECO-One Coal-Fired Construction Electricity Greenfield 100 1,150 660 MW 25 SUEZ (45%, France), Power Plant project (BOO) Hemaraj Land and Development Plc (35%, Thailand) 20 Thailand SIPCO Power Plant Construction Electricity Greenfield 100 224 185 MW .. Melewar Group (95%, project (BOO) Malaysia) Europe and Central Asia Private Investment Capacity Contract Project Sub- equity commitment size and period Country Project name status sector Type of PPI (%) (US$ millions) type (years) Main sponsors 1 Bulgaria AES St. Nikolas Wind Construction Electricity Greenfield 100 370 156 MW 12 AES Corporation (89%, United Farm near Kavarna project (BOO) States) 2 Croatia Senj Wind Farm Project Construction Electricity Greenfield 100 85 42 MW .. Wallenborn Projektentwicklung project (BOO) GmbH & Co. KG (.., Germany) 3 Georgia Regional Gas Distribution Operational Natural Divestiture 100 50 30,000 .. State Oil Company of Azerbaijan Companies Privatization gas (full) connections Republic (SOCAR) (100%, Azerbaijan) 4 Poland Dobrzyn Wind Farm Construction Electricity Greenfield 100 151.8 34 MW 12 Scan Energy A/S (100%, project (BOO) Denmark) 5 Poland ENEA SA Operational Electricity Divestiture 23 738 2,880 MW .. Vattenfall (19%, Sweden) (partial) 8 6 Poland Goldap Wind Farm Construction Electricity Greenfield 100 119 48 MW .. Scan Energy A/S (100%, project (BOO) Denmark) 7 Poland Inowroclaw Wind Farm Construction Electricity Greenfield 100 141 32 MW 12 Scan Energy A/S (100%, project (BOO) Denmark) 8 Poland Mogilno Wind Farm Construction Electricity Greenfield 100 74 34 MW .. Scan Energy A/S (100%, project (BOO) Denmark) 9 Poland Walcz City Wind Farm Construction Electricity Greenfield 100 13.6 4.5 MW .. RP Global Holdings (100%, project (BOO) Spain) 10 Romania Electrica Muntenia Sud Operational Electricity Divestiture 64 1,201 1,100,000 .. Enel SpA (65%, Italy) connections 11 Romania Micro Hydropower (17- Operational Electricity Divestiture 100 44.1 10.58 MW .. Wienstrom GmbH (100%, plant package) Austria) 12 Romania Micro Hydropower (7-plant Operational Electricity Divestiture 100 7.5 2.4 MW .. Romenergo (100%, Romania) package) 13 Romania Micro Hydropower (9-plant Operational Electricity Divestiture 100 2.9 3.4 MW .. Wienstrom GmbH (100%, package) Austria) 14 Russian Territorial Generating Operational Electricity Divestiture 93 2,900 15,800 MW .. Fortum Corporation (93%, Federation Company TGK-10 Finland) 15 Russian Territorial Generating Operational Electricity Divestiture 24 257 663 MW .. ESN Group (24%, Russian Federation Company 14 (TGK-14) Federation) 16 Russian Territorial Generating Operational Electricity Divestiture 89 1,880 3,300 MW .. ONEXIM Group (50%, Russian Federation Company 4 (TGK-4) Federation) 17 Russian Territorial Generating Operational Electricity Divestiture 84 1,060 3,140 MW .. Integrated Energy Systems Federation Company TGK-6 Holding (IES) (60%, Russian Federation), Prosperity Capital Management (24%, Russian Federation) 18 Russian Territorial Generating Operational Electricity Divestiture 65 469 2,518 MW .. Siberian Coal Energy Company Federation Company TGK-13 (SUEK) (65%, Russian (Yeniseiskaya) Federation) 19 Russian Territorial Generating Operational Electricity Divestiture 99 672 2,583 MW .. Syntez Group (51%, Russian Federation Company TGK-2 Federation) 20 Russian Territorial Generating Operational Electricity Divestiture 55 1,150 6,880 MW .. Integrated Energy Systems Federation Company TGK-7 (Vologda Holding (IES) (55%, Russian TGK) Federation) 21 Russian Territorial Generating Operational Electricity Divestiture 76 1,650 3,600 MW .. EnergoStrategy (16%, Russian Federation Company TGK-8 Federation), PromRegionHolding (17%, Russian Federation) 9 22 Russian Territorial Generating Operational Electricity Divestiture 100 1,327 3,280 MW .. Integrated Energy Systems Federation Company TGK-9 Holding (IES) (75%, Russian Federation), others (25%, ..) 23 Turkey Catalca Wind Farm Operational Electricity Greenfield 100 100 60 MW 10 Sanko Holding (100%, Turkey) project (BOT) 24 Turkey Dares Datça Wind Farm Operational Electricity Greenfield 100 65 30 MW .. Demirer Holding (100%, Turkey) project (BOT) 25 Turkey Enerjisa 10 Hydro Plants Construction Electricity Greenfield 100 1,539 1,900 MW .. Verbund (50%, Austria), Sabanci and 920-MW Bandirma project Holding (50%, Turkey) Gas-Fired Facility (merchant) 26 Turkey Erzurum and Nevsehir Construction Electricity Greenfield 100 230 150 MW 35 Soyak Holding (100%, Turkey) Hydroelectric Plants project Project (merchant) Latin America and the Caribbean Private Investment Capacity Contract Project Sub- equity commitment size and period Country Project name status sector Type of PPI (%) (US$ millions) type (years) Main sponsors 1 Argentina Central Termica Loma de Operational Electricity Greenfield 100 205 178 MW .. Pampa Energia SA (100%, La Lata (expansion) project Argentina) (merchant) 2 Brazil Areia Branca Hydroelectric Construction Electricity Greenfield 100 48 19.8 MW .. SUEZ (100%, France) Project project (BOT) 3 Brazil ATE III Transmissora de Operational Electricity Greenfield 100 401 441 km 30 Abengoa (100%, Spain) Energia project (BOT) 4 Brazil Beberibe Wind Park Operational Electricity Greenfield 100 77 25.5 MW 30 SUEZ (100%, France) project (BOT) 5 Brazil Corumba III Hydroelectric Construction Electricity Greenfield 63 121.7 93.6 MW .. Previ (30%, Brazil), Iberdrola SA Power Plant project (24%, Spain) (merchant) 6 Brazil Cosan Bioenergia Construction Electricity Greenfield 100 234.2 200 MW .. Cosan SA (100%, Brazil) project (BOO) 7 Brazil ERSA Small Hydroelectric Construction Electricity Greenfield 100 423.1 137 MW .. Empresa de Investimento em Power Project project (BOO) Energias Renovaveis SA (ERSA) (100%, Brazil) 10 8 Brazil IEMG Neves 1, Mesquita Operational Electricity Greenfield 100 66.1 172 MW 30 ACS Group (Actividades de Transmission Line project (BOO) Construccion y Servicios) (40%, Spain), Interconexion Electrica SA (ISA) (60%, Colombia) 9 Brazil Rio PCH 1 Small Hydro Construction Electricity Greenfield 100 90.3 39 MW .. Performance Centrais Plants project (BOT) Hidreletricas Ltda (PCH) (25%, Brazil), Previ (37%, Brazil), Iberdrola SA (30%, Spain) 10 Brazil Salto do Rio Verdinho HPP Construction Electricity Greenfield 100 189.3 93 MW 30 Votorantim (100%, Brazil) project (BOO) 11 Mexico Norte-I Durango Combined Construction Electricity Greenfield 100 400 450 MW 25 Union Fenosa (100%, Spain) Cycle Plant project (BOT) Middle East and North Africa Private Investment Capacity Contract Project Sub- equity commitment size and period Country Project name status sector Type of PPI (%) (US$ millions) type (years) Main sponsors 1 Jordan Electricity Distribution Operational Electricity Divestiture 100 104 438,000 .. National Industries Group Company (EDCO) and Irbid connections Holding (30%, Kuwait), Dubai District Electricity Company Holding (40%, United Arab (IDECO) Emirates), United Arab Investors Company (UAIC) (30%, Jordan) South Asia Private Investment Capacity Contract Project Sub- equity commitment size and period Country Project name status sector Type of PPI (%) (US$ millions) type (years) Main sponsors 1 Bangladesh Titas Gas Transmission Operational Natural Divestiture 25 31 10,890 km .. Others (..%, ..) and Distribution Co. Ltd. gas 2 India Belgaum Wind Farm Construction Electricity Greenfield 100 33.5 24.8 MW .. Indian Energy Limited (..%, project (BOO) United Kingdom) 3 India Bhoruka Power Operational Electricity Greenfield 100 12 6 MW .. Bhoruka Steel Ltd. (100%, ..) project (BOO) 4 India Essar Power Gujarat Construction Electricity Greenfield 100 1,129 1,200 MW 25 Essar Group (..%, India) Limited (Jamnagar Power project (BOO) Plant) 11 5 India Faridabad City Gas Construction Natural Greenfield 50 55.78 20 km 25 Adani Group (50%, India) Distribution Project gas project (BOO) 6 India Jaypee Powergrid Ltd. Construction Electricity Greenfield 74 234 248 km .. Jaiprakash Associates Ltd. (74%, project (BOO) India) 7 India Jharkhand Thermal Power Construction Electricity Greenfield 100 296 270 MW 25 Adhunik Group (..%, India) Plant Phase I project (BOO) 8 India Jindal Orissa Thermal Construction Electricity Greenfield 100 682 600 MW 25 B C Jindal Group (..%, India), Power Plant project (BOO) Soyuz Trading (..%, India) 9 India Lanco Kondapalli CCPP Construction Electricity Greenfield 100 278 366 MW 25 Lanco Group (100%, India) Expansion St-II project (merchant) 10 India Maithon Right Bank Power Construction Electricity Greenfield 74 1,042 1,050 MW 25 Tata Enterprises (74%, India) Project project (BOO) 11 India Monnet Ispat Power Construction Electricity Greenfield 100 1,401 1,005 MW 25 Monnet Group (..%, India) Project project (BOO) 12 India Mundra Ultra Mega Power Construction Electricity Greenfield 100 4,200 4,000 MW 25 Tata Enterprises (100%, India) Project project (BOO) 13 India Punjab Biomass Power Construction Electricity Greenfield 100 13 24 MW 20 Gammon India Ltd. (..%, India) Ltd. project (BOO) 14 India Rosa Thermal Power Construction Electricity Greenfield 100 585 600 MW 25 Reliance ADA Group (100%, Project Phase II project (BOO) India) 15 India Sidhi Thermal Power Plant Construction Electricity Greenfield 100 984 1,320 MW 25 Jaiprakash Associates Ltd. project (BOO) (100%, India) 16 India Usegaon Thermal Power Construction Electricity Greenfield 100 152 120 MW 25 Gupta Corp. (..%, India) Project project (BOO) 17 Pakistan Almoiz Bagasse-Fired Operational Electricity Greenfield 100 7.5 27 MW 10 Almoiz Industries Limited (100%, Cogeneration Plant project (BOO) Pakistan) 18 Pakistan Engro Power Project Construction Electricity Greenfield 100 205 227 MW 25 Engro Chemical Pakistan Ltd. project (BOO) (100%, Pakistan) 19 Pakistan Halmore Bhikki Power Construction Electricity Greenfield 100 231 225 MW .. Halmore Power Generation Project project (BOO) Company Ltd. (100%, Pakistan) 20 Pakistan Nishat Chunian Power Construction Electricity Greenfield 100 235 200 MW 25 Nishat Group of Industries Project project (BOO) (100%, Pakistan) 21 Pakistan Nishat Power Project Construction Electricity Greenfield 100 204 200 MW .. Nishat Group of Industries project (BOO) (100%, Pakistan) 12 Sub-Saharan Africa Private Investment Capacity Contract Project Sub- equity commitment size and period Country Project name status sector Type of PPI (%) (US$ millions) type (years) Main sponsors 1 Angola Aggreko Luanda Operational Electricity Greenfield 100 .. 60 MW .. Aggreko Plc (100%, United Temporary Power Stations project (rental) Kingdom) 1 and 2 2 Kenya Mumias Power Plant Construction Electricity Greenfield 100 35 35 MW .. Mumias Sugar Company Limited project (BOO) (100%, Kenya) 3 Kenya Rabai Power Plant Construction Electricity Greenfield 100 155 90 MW 20 Aldwych International Ltd. (..%, project (BOT) United Kingdom), Mitsui Engineering & Shipbuilding Co. Ltd. (MES) (..%, Japan) 4 Togo Centrale thermique de Construction Electricity Greenfield 100 190 100 MW 25 ContourGlobal (100%, United Lome project (BOT) States) 5 Uganda Bugoye Hydroelectric Construction Electricity Greenfield 100 35 13 MW 20 Tronder Power Limited (100%, Power Project project (BOT) Norway) 6 Uganda Mpanga Hydropower Construction Electricity Greenfield 100 14 18 MW 20 South Asia Energy Management Project project (BOT) Systems (SAEMS) (100%, United States) 7 Uganda Namanve Power Plant Operational Electricity Greenfield 100 93 50 MW 6 Jacobsen Elektro (100%, project (BOT) Norway) 13