Marubeni Wins Two Awards in the IJGlobal Awards 2021 Project Categories
Apr. 08. 2022
Marubeni is pleased to announce that two of its international power projects were recognized at the IJGlobal Awards 2021 presented by Infrastructure Journal Global, an international project finance magazine. IJGlobal Awards are given to the best sponsor and energy and infrastructure projects in each region for the given fiscal year.
|Project Category:||Award-Winning Project:|
|1. MENA Power Deal of the Year||Tanajib Cogeneration and Desalination Project in the Kingdom of Saudi Arabia|
|2. North America Power Deal of the Year||
St. Charles Natural Gas Power Project in the United States of America
Below, please find a summary of each award won.
1. MENA* Power Deal of the Year
|Award-Winning Project||Award-Winning Project||Tanajib Cogeneration and Desalination Project in the Kingdom of Saudi Arabia|
|Award Description||Awarded to the best power project deal in the MENA region|
|Reason for Winning||This project contributes to the reduction of CO2 by way of utilizing the heat from the plant to generate steam, which means overall energy efficiency is improved and the usage of natural gas is minimized.
This project faced a lot of unusual challenges and it needed to resolve issues such as a delayed schedule due to low oil prices, the impact of COVID-19 pandemic, and tax law changes. Despite such difficult circumstances, the finance close was achieved.
|Project Overview||Tanajib Cogeneration Power Company, owned by Marubeni, Abu Dhabi National Energy Company PJSC (hereinafter “TAQA”), and Saudi Arabian Oil Company (hereinafter “Aramco”), is developing a cogeneration St. Charles Natural Gas Power plant and a seawater desalination plant with a net capacity of approximately 940MW of electricity generation, a steam output of approximately 1,084 tons per hour, and a desalinated water output of approximately 19,470 cubic meters per day.
The plants will be located in Tanajib, in the Eastern Province of Saudi Arabia, on land procured by Aramco, and this project will supply electricity, steam, and desalinated water to the new oil and gas facilities in the area owned by Aramco. Under the contract, Marubeni and TAQA will operate the plants for 20 years on a build, own, operate, and transfer basis.
|Project Finance Close Date||October 2021|
|Lenders||SMBC Bank International PLC, The Saudi National Bank, Riyad Bank, Al Rajhi Banking& Investment Corporation, Sumitomo Mitsui Trust Bank, Limited|
2. North America Power Deal of the Year
|Award-Winning Party||Award-Winning Party||CPV Mary Land, LLC|
|Award Description||Awarded to the best power project deal in North America.|
|Reason for Winning||CPV Maryland was the only rated single asset leveraged loan new issue in North America that successfully executed its $450 million Term Loan B (TLB) refinancing in the TLB market in 2021.|
|Project Overview||CPV St. Charles is a 725 MW natural gas-fired power generation plant located in Maryland. It supplies power through the nation’s largest wholesale power market, PJM, thereby contributing to the stable supply of electricity around Washington, D.C. (the U.S. capital region). Equipped with high-efficiency gas and steam turbines and associated generators, it is capable of offering quick, flexible generation that can support the inherent intermittency of renewables, thus maintaining grid reliability.|
|Finance Close Date||May 2021|
|Arrangers||MUFG Bank, BNP Paribas, Crédit Agricole, Mizuho Bank|
Marubeni will leverage its substantial experience with IPPs to achieve environmental load reduction and stable power supply, thus contributing to the creation of a sustainable society.
MENA：Middle East and North Africa