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חלופות מימון לפרויקטי תשתית הועידה השנתית למימון תאגידי דיתה ברוניצקי

חלופות מימון לפרויקטי תשתית הועידה השנתית למימון תאגידי דיתה ברוניצקי. Financing Strategies. Secure the best solution for the specific circumstances Project finance Corporate debt Tax structures. Project Finance – U.S. Capital Market.

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חלופות מימון לפרויקטי תשתית הועידה השנתית למימון תאגידי דיתה ברוניצקי

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  1. חלופות מימון לפרויקטי תשתית הועידה השנתית למימון תאגידי דיתה ברוניצקי

  2. Financing Strategies • Secure the best solution for the specific circumstances • Project finance • Corporate debt • Tax structures

  3. Project Finance – U.S. Capital Market • Portfolio of projects and the fact the projects were in operation enabled a long term cost effective financing • Single project or a portfolio of projects • Non recourse • Prerequisites - well structured projects • Examples from Ormat’s financing experience • OFC 144A senior secured notes • $190 million, 16-year loan at 8.25% coupon • Below investment grade offtakers • OrCal 144A senior secured notes • $165million, 15-year loan at 6.21% coupon • An investment grade offtaker

  4. Project Finance – Emerging Markets Single project financing Lenders – financial or government supported entities Political risk insurance Limited or non-recourse

  5. Project Finance - Tax Driven Financings (U.S.) • The most efficient way to use tax credits and accelerated depreciation • Various lease structures • Partnership with a flip • Examples from Ormat’s financing experience • Puna - Non Recourse Leveraged Operating Lease & Leaseback • 22 years, 4.3% yield financing • OPC Tax Monetization Transaction • 10 years, 6.24% yield financing

  6. Specific Tax Driven Structures • Examples of structures driven by specific legislation • Royalty Trust • Master Limited Partnership (MLP) • RIET

  7. Tax Driven Structures – Royalty Trust A trust (pass through entities) listed on a U.S. stock exchange with No corporate tax Company transfers to the trust royalties or net profit interest Units typically held by retail investors Has to be passive investors Is typically used for income generating assets

  8. Tax Driven Structures – MLP Partnership listed on a stock exchange Tax benefit passed through directly to investors More flexible than Royalty Trust – it is based on an exemption in tax code, treating gain derived from exploration as eligible income Sponsor is typically the managing member

  9. Tax Driven Structures – REIT Similar to Royalty Trust and MLP But…. 75% of the assets should be real property

  10. Corporate Financing • Term loans with institutional investors and commercial bank • Traditional lines of credit • 7 to 10-year bonds with institutional investors

  11. Thank You

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