ERM Power and Arrow Energy

BurnVoir acted as financial adviser and arranger to ERM Power and Arrow Energy to fund the development of the 450MW Braemar 2 Power Station, located in southwest Queensland. We successfully arranged a A$420 million debt package to underpin the development of the power station, plus a A$50 million mezzanine facility to part fund the project sponsors’ equity contribution requirements.

As part of our financing role, BurnVoir also assisted ERM Power and Arrow Energy to secure firm bankable bids from Siemens and Bilfinger-Berger for the turnkey EPC of three Siemens V94.2 gas turbo-generators, and to secure bankable offtake agreements for financial products and retail supply prior to commencing operations, including 150MW financial tolling product, 75MW peak swap and 75MW cap, and retail sales agreements and merchant operation totalling 150MW.

Overview

Date

2008

Client

ERM Power and Arrow Energy

Sector

Energy

Transaction Value

A$470M

Summary

BurnVoir Corporate Finance acted as financial adviser to ERM Power and Arrow Energy to fund the development of the 450MW Braemar 2 Power Station, located in southwest Queensland. We successfully arranged a A$420 million debt package to underpin the development of the power station, plus a A$50 million mezzanine facility to part fund the Project Sponsors’ equity contribution requirements.
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