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Energy
Ridgway has significant experience in assisting clients
involved in the energy sector. The company has provided financial advice and
services on primary energy projects including gas and coal recovery and
processing, as well as the development of renewable resources such as wind and
hydropower. In recent years, the company has helped several governments
consider the financial implications of their power sector development plans.
The table below sets out some of Ridgway’s specific energy experience,
excluding team experience gained with previous employers:
Transactional Experience Tanzania/ Ruhudji Hydropower Transaction Advisor (June 2011 – ongoing) In
association with the U.K firm of Chris Head and Associates, acting as
the transaction advisor to the Ministry of Minerals and Energy with
regard to the proposed 358 MW hydropower project located on the Ruhudji
River. The project is supported by the World Bank. ............................................................................................................................................................................... Indonesia/ Geothermal Power Development Project (May 2011 - August 2011) Providing
financial input for AECOM, which is assisting the Ministry of Finance's
Fiscal Policy Office in relation to an ADB funded project preparation
technical assistance.
...............................................................................................................................................................................
Vanuatu/ Geothermal Power Development Project (May 2011 - August 2011) Assisting Castlerock Consulting with the pre feasibility study for a geothermal project and network development. ............................................................................................................................................................................... Vietnam/ Preparing for Public-Private Development of the O Mon II Thermal Power Complex (January 2011 – ongoing)
Providing project finance transaction specialist skills for a greenfield CCGT project.
The O Mon II Project will be offered to the market as a BOT concession
with a Fuel Supply Agreement defining the fuel supply commitment and a
Power Purchase Agreement with EVN providing the off-take commitment.
...............................................................................................................................................................................
Lao PDR/Financial Evaluation of Public-Private Partnerships (PPPs) in the Power Sector
(2009 - 2010) The
Lao Holding State Enterprise (LHSE) has appointed Ridgway to act as its
financial advisor in advancing its interests as investor in a number of
Independent Power Producer (IPP) Projects, particularly those that
propose to export electricity to Lao PDR's neighbouring countries
(Supported by PPIAF/World Bank). ............................................................................................................................................................................... Palau/Review of Tariff for Palau Utility Corporation (PPUC) (2009 - 2010) Ridgway
has been appointed to identify long-term revenue requirements of the
PPUC and recommend a base tariff that allows a commercially sustainable
operation of the Corporation (Sponsored by the UNDP). .............................................................................................................................................................................. Mozambique/Review of Financial Benefits from Power Project Concessions (2009) Ridgway
was engaged to review the current framework for concession fees,
royalties and revenue sharing based on the existing legislative
environment and to provide financial analysis and modelling on several
large electricity projects (Sponsored by the World Bank) ............................................................................................................................................................................... Viet
Nam/Study for the Development of the Power Market and Competitive
Tender Framework for Thermal Independent Power Producers (IPPs) (2007 -
2009) Engaged as IPP and Competitive Tendering
Expert to assist the Government of Viet Nam in developing a
competitive tendering process for IPPs, the integration of these IPPs
into the evolving power market and the co-ordination of gas-fired IPPs
with natural gas resource development (Client was the World Bank/PA
Consulting was Lead Consultant). ............................................................................................................................................................................... Philippines/Assessment of Privatization of the National Transmission Corporation (TRANSCO) by way of Concession (2007 - 2008) Ridgway
was engaged to conduct a third-party assessment of the commercial,
financial and overall strategic terms of the Concession (Client was the
World Bank). ............................................................................................................................................................................... Lao PDR/Tax Regime Analysis in the Hydro Power sector (2009) Ridgway
was appointed by the World Bank and the Goernment of Lao to review
and update information relating to Lao PDR's hydropower tax regime. One
of the key tasks was to provide a recommendation on the most
appropriate tax regime to support hydro power development in Lao PDR. ...............................................................................................................................................................................
Tanzania/ TANESCO
(2007/2009 - current) Financial advisor assisting the company with its Financial Recovery
Plan and advising on both short and long term financing requirements.
...............................................................................................................................................................................
Tuvalu/ Tuvalu Electricity Corporation (TEC) (2007) Completed an electricity tariff review for the Government of Tuvalu and the TEC and recommended a tariff structure
that balances the interests of consumers and the utility.
...............................................................................................................................................................................
Review of Solomon Islands Electricity Authority (SIEA) Base Tariff, Solomon Islands (2007)
Ridgway was appointed to provide
advice and recommendations to the SIEA on a tariff structure that will
enable sustainable management and maintenance of its electricity
networks. Another of the project’s objectives was to assess
and recommend a tariff model to promote the delivery of electricity
services to rural areas.
...............................................................................................................................................................................
Financial Advisor to
Government of Lao PDR (GoL) regarding the USD 1,450 million Nam Theun II Hydroelectric Project (2004 – 2005)
The Nam Theun II project is the largest project ever to have
been financed in Lao PDR. The project was developed by Électricité de France, Italian-Thai and
EGCO. The GoL is a 25 percent shareholder and grantor of a BOT concession for
the project’s development, construction and operation. Ridgway’s role was to
advise the GoL on financial aspects of the project such that its interests were
protected, and to raise USD 130 million of equity capital. The project
confronts and, in many respects, leads the thinking regarding many of the
financing issues applicable to complex project development in developing
nations.
...............................................................................................................................................................................
Operation and Rates
Analysis, Pohnpei Utilities Corporation (PUC), Micronesia (2006)
Ridgway conducted an Operation
and Rates Analysis for Pohnpei Utilities Corporation. Its purpose was to
independently recommend a tariff structure and provide assistance in the
evaluation of electricity, water and sewer rates to recover PUC’s operating
expenses and finance long term growth. Assistance was also required in the
presentation of the findings to key stakeholders, including the government and
public at large. Ridgway was assisted by Maunsell Limited of New Zealand with respect to
engineering matters and review of PUC’s operations.
...............................................................................................................................................................................
District Heating
Concept Strategy, Solid Energy New Zealand Limited, New Zealand
(December 2005 – February
2006)
Ridgway was appointed by Solid Energy New Zealand Limited to
assess whether a biomass based district heating scheme might work commercially
in New Zealand.
...............................................................................................................................................................................
IPP Development and
Institutional Restructuring, Lao PDR
(January 2005 –
December 2005)
Ridgway provided the Investment and Financing Specialist on
the ADB financed Lao Technical Assistance Study on IPP Development and
Institutional Restructuring for EDL. The study, aimed to rationalize IPP
mandates, develop IPP project selection criteria, develop IPP project
implementation procedures and identify an agency to own and manage the
Governments existing and future IPP investments.
...............................................................................................................................................................................
Lao Power Sector
Financing Strategy—Private Finance Specialist, Lao PDR
(April 2004 – January
2005)
The Lao Ministry of Industry and Handicrafts (MIH) examined
longer term financing trends in the power sector, a study supported by the
World Bank. The overall objectives of the Study was to consider appropriate
strategies for financing of Lao PDR’s electricity sector related investments
pertaining to generation (both domestic and export), transmission and
distribution. Ridgway acted as a sub-consultant to Maunsell to provide private
finance input into the project reports.
...............................................................................................................................................................................
Implementation
Framework for IPP Projects outside of Java – Bali, Indonesia,
for Asian Development Bank—Infrastructure Finance Specialist
(October 2002 –
November 2003)
The objectives of the TA were to encourage wider private
participation in power projects to meet demand growth in the Indonesian power
systems outside of Java – Bali. Activities
undertaken included: Formulating an effective, competitive framework for
private sector participation in power generation projects in the range of 25 –
150 MW; Drafting IPP solicitation procedures and documentation (PPA and bid
document) to give effect to the new framework; Identifying projects suitable
for private sector investment and recommending for each the optimum private
participation modality and specifying appropriate preparations for expediting
their implementation; Taking into account proposed devolution of PLN and other
power sector reforms, determining the impact of the projects on the financial
position of the power purchaser.
...............................................................................................................................................................................
Kerawalapitiya BOOT
Combined Cycle Power Plant for the Ministry of Power and Energy—Financial Analyst, Sri
Lanka
(2001 – 2004)
The proposed 300 MW Kerawalapitya combined cycle power plant
is to be developed as a private power project with the BOOT concession being
awarded through a competitive bidding process. As a member of the Maunsell
(Meritec) team responsible for the solicitation and award process, Ridgway:
prepared a financial model and the financial sections for the solicitation
documentation, including prequalification documentation, request for proposal
and drafts of the implementation agreement, power purchase agreement, fuel
supply agreement and land-lease agreement. Ridgway was involved in both the
pre-tendering and tendering process, as well as the recent mid-term financial
review.
...............................................................................................................................................................................
Transactional Experience with Previous Employers
Stratus and Energy 21
Gas Distribution and Retail Businesses, Australia
(1999)
While at Macquarie Bank, advising Envestra Limited on its
tender to the State of Victoria for each of
the three gas businesses that supply gas to Melbourne, winning Stratus/Energy 21. Role
included negotiating a AUSD 985 million acquisition and operating debt package
with four lead underwriters. Devised and executed interest rate hedging
strategy; Developed process to enable efficient settlement with the Treasury
Corporation of Victoria.
...............................................................................................................................................................................
Buy-side Mandate for
Partial Acquisition of Gulf Electric (GEC), Thailand
(1999)
While at Macquarie Bank, advising a major U.S utility on its
tender to Siam City Cement for its fifty percent interest in GEC, a power
generation concern with interests in 110 MW and 700 MW power stations.
...............................................................................................................................................................................
1,400MW Coal-Fired
Independent Power Producer (BOT), Thailand
(1995 – 1998)
While at HSBC, leading the financial advisory team for Union
Power Development Co’s 2 x 700 MW build-own-operate power stations; it was the biggest
in Thailand and one of the
largest in Asia. The project is one of seven
selected, from eighty tenders.
...............................................................................................................................................................................
Xe Kaman I 468MW
Hydro IPP (BOT), Lao PDR
(1996 – 1997)
While at HSBC, leading the team structuring the security
packaged for a USD 468 MW intermediate load hydro facility in Lao PDR for an
Australian client that proposed to sell all its capacity to EGAT.
...............................................................................................................................................................................
900MW Residual Fuel
Oil Captive Power (BOO), Thailand
(1997)
While at HSBC, supervising the advisory work for a 900 MW
thermal fired captive power station being developed by Thai Petrochemical
Industry PCL.
...............................................................................................................................................................................
2,640 Jiaxing Thermal
Power Plant IPP (BOT), China
(1994)
While at HSBC, winning and advising as joint team leader on
a proposed USD 3,000 million BOT Jiaxing thermal power plant sponsored by GEC
PLC, National Power PLC, CITIC and Zheijiang Provincial Power Bureau.
...............................................................................................................................................................................
720MW Genting Sangyen
CCGT Facility (BOO), Malaysia
(1993)
While at HSBC, assisted in securing mandate to advise
British Gas on the Genting Sangyen power plant. It was one of the first
Malaysian IPPs.
...............................................................................................................................................................................
Rayong Refinery Co.
(BOO), Thailand
(1993)
While at HSBC, assisted with the co-arranging of the debt
package for the USD 2,400 million Rayong Refinery for Shell and PTT. At the
time, the project was Thailand’s
largest private financing in the oil / gas sector and was IFR “Deal of the Year”.
...............................................................................................................................................................................
Sovbutital
Petro-Chemical Complex, USSR
(1990)
With Morgan Grenfell, undertook pre-financial close
financial modeling and post-financing loan administration for DEM 400 million
(USD 240 million) Sovbutital project financing.
...............................................................................................................................................................................
Whilst at Morgan Grenfell, Richard MacGeorge was involved in
the development of financing models for Medway
Power—one of the first IPPs in the United Kingdom—during power sector
reforms in that country.
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