Power Market Analysis - Lenders to Senoko Power

IPA Energy + Water Economics has been engaged as the electricity industry and market analysis advisor for the Lenders to consortium that was successful in its acquisition of the Senoko Power Limited (capacity of 3.3GW) in 2008.  Part of the acquisition was financed using a bridge loan signed in September 2008 by a consortium of international banks.  Since the acquisition, the Singaporean economy has been heavily affected by the global economic and financial crisis and IPA Energy + Water Economics is preparing a detailed assessment of the impact of these changes on the ability of Senoko Power to meet its repayment obligations.  The assignment has been divided into two phases.  First, IPA Energy + Water Economics provided a detailed review of the input assumptions of Sponsor Base Case and a shadow modelling exercise.  Second, IPA Energy + Water Economics has been working closely with the Lenders to define the Lenders Base Case and has worked very closely with the Modelling Bank to make sure that the Financial Model reflects the reality of operations and cashflow position of Senoko Power based on IPA Energy + Water Economics’s market modelling results and detailed understanding of the National Electricity Market of Singapore (“NEMS”).