8 months ago

ENERGY Caribbean Yearbook (2013-14)

Companies CIBC

Companies CIBC firstcaribbean international bank FCIB aspires to be the region’s energy bank Countries CIBC FirstCaribbean International Bank, successor to the Barclays and CIBC operations in the region (making it the largest banking institution in the Englishspeaking Caribbean), will continue to seek out funding opportunities in the energy sector in 2013. It has been most successful so far in the area of electricity, where it has helped fund the Jamaica Public Service Company (with whom the Bank says it has a “strong relationship”), the Jamaican IPP West Kingston Power Partners, the Bahamas Electricity Corporation and St Lucia Electricity Services. It has also been lead arranger/underwriter for an equity issue by the Canadian power company Emera Inc., in relation to its Caribbean acquisitions. But it is likely to pay more attention in the future to upstream oil and gas activity, downstream projects, renewable energy and energy efficiency, all of which are likely to need injections of loan capital as new initiatives ramp up in various parts of the region, including, of course, Trinidad and Tobago. The Bank has already taken part in a US$235 million syndicated loan facility for the Suriname national oil company, Staatsolie, to which it contributed US$10 million, for production and refinery expansion. As the recently-approved Caricom Energy Policy moves into its implementation phase, with the emphasis on greater take-up of renewable energy (RE) and the adoption of energy efficiency measures in the region, CIBC FirstCaribbean International will have even greater scope for extending financial support to energyrelated activity. It already has an RE project to its credit, having been part of a syndicate that underwrote a US$54 million secured term loan facility to NuCuraçao Windparken BV for 30MW of wind power generation. This represents, according to the Bank, “almost 20% of Curaçao’s annual energy demand.” Sharaz Ahamad, CIBC FirstCaribbean’s director for origination and capital market products in the Southern Caribbean, points out that the Bank has even ventured into biomass-to-energy, by “funding the first stage of a waste recycling plant for a company called Sustainable Recycling in Barbados, which will collect household waste and bundle it so it can be used in an incinerator to provide energy to the grid.” Though Trinidad and Tobago has signed on to the “sustainable energy” that underpins the Caricom Energy Policy, Ahamad has his doubts about whether RE will catch on easily in a “The economics of RE will be challenging in Trinidad and Tobago: I don’t see a huge project in solar or wind here” country already self-sufficient in both oil and gas sold at attractive prices for electricity generation, transport and cooking/water heating. “The economics of RE will be challenging in Trinidad and Tobago,” he says, “I don’t see a huge project in solar or wind here – the economics don’t really lend themselves to it.” He may be in for a pleasant surprise, however, since the energy ministry in Port of Spain seems determined to woo consumers into looking more kindly on RE and is itself active in promoting it. Ahamad does concede that Trinidad and Tobago may be a strong candidate for the application of energy efficiency measures, since the very cheapness of energy tends to encourage laxity in its conservation. “There’s a huge opportunity here in all Caricom members,” he insists. “Energy costs are very high in most regional states. The hotel plant in particular is a very good candidate. In fact, we have a programme of loans to hotels to improve energy efficiency.” Downstream industries from the core petrochemical plants in Trinidad and Tobago is another area where CIBC FirstCaribbean is keen to be active. Two such investments in which it has had mild initial involvement – the Carisal caustic soda/calcium chloride plant and the EthylChem ethanol dehydration facility – do not now appear to be going forward, but no doubt other loan opportunities will arise in the downstream part of the energy sector in due course. 38

Innovative Financing and Hedging Solutions for the Energy and Utilities Sector At CIBC FirstCaribbean our dedicated team of investment banking professionals is committed to delivering the best financing and hedging solutions to meet the needs of the Energy and Utilities sector. We provide you with one-on-one service that addresses your business needs with innovative financing and hedging solutions to complement your business strategy. Benefits of Working with Our Investment Banking Team: • Market expertise with regional and international links with access to a full range of financial and advisory services. • A leading Investment Banking presence in the Caribbean region providing project financing to the energy and utilities sector. • A world-class transaction execution process with significant experience and distribution capability throughout the English and Dutch speaking Caribbean. • A solid group balance sheet and part of the CIBC group which has an A+/Stable credit rating from the Standard & Poor’s credit rating agency. For more information on how we can assist you please contact: INVESTMENT BANKING ENERGY & UTILITIES TEAM Sharaz Ahamad Director, Origination and Capital Markets Products Southern Caribbean Tel: 1 868 822-5071 Mobile: 1 868 779-2994 E-mail: Gillian Charles-Gollop Associate Director, Sector Specialist Energy & Utilities Tel: 1 246 467-8723 Mobile: 1 246 232-8700 E-mail: CORPORATE & INVESTMENT BANKING, TRINIDAD & TOBAGO Duane Hinkson Managing Director, Trinidad & Tobago Operations Tel: 1 868 822-5080 E-mail: Anthony Seeraj Deputy Managing Director, Corporate & Investment Banking Tel: 1 868 628-4685 E-mail: HEDGING Winville Larcher Director, Client Solutions Group Tel: 1 246 367-2133 E-mail: The CIBC logo and For What Matters are trademarks of Canadian Imperial Bank of Commerce, used by FirstCaribbean International Bank under license.

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