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Case Study

Lender's Independent Engineering for US Energy Management Project

power plant

Advisian, serving first as Transaction Advisor, and then transitioning to Lender’s Engineer, assisted ENGIE and Axium Infrastructure in their $1.165 billion joint winning bid for the Ohio State University’s 50-year concession for its Comprehensive Energy Management Project which will include operation and optimization of the university’s utility system and construction of a new Energy Advancement and Innovation Center for energy research.

The Situation

ENGIE, a global energy company, and Axium Infrastructure, an investment company, were involved in a more than two-year effort to win a first-of-its kind public private partnership involving the Ohio State University providing a 50-year concession to lease and operate their energy infrastructure and carry out the upgrades necessary to make the entire campus more energy efficient. The University received 10 indicative bids and these were narrowed down to less than a handful who submitted final bids.

ENGIE and Axium Infrastructure needed a lender’s engineer who was known to lenders and rating agencies and could draw upon its experience with complex cogeneration facilities to provide lenders the comfort that they needed in making the financing decision.

Approach

Advisian provided a world-class team with technical and commercial expertise to assist lenders with their comprehensive due diligence on this project. Whether these were technical questions involving performance standards for the utilities being supplied and how they were going to achieve their target energy utilization intensity or if they were commercial questions around reliability targets and liquidated damages, Advisian consultants were there to provide the answers. We also advised lenders on lifecycle costs and on environmental, social and governance issues through an Equator Principles review.

Value Delivered

ENGIE and Axium were successful in their $1.165 billion bid and raised financing from lenders and other institutional investors for this project. Advisian played a key role in as an independent advisor to the lending group: Our report was used to successfully raise financing for this project.  

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