SWRO – BOO / BOT Contract – Indicative Terms
| Type and Period of Concession | BOT. Term of concession 10 yrs (including construction period). Project Completion Operating Date (PCOD) Transfer asset at end of concession (40% of Original Cost ) |
| Location | District/province. Local economy. Existing water infrastructure and planned capacity expansion. Pricing. Land use tenure |
| Offtaker and End Users | Offtaker. End-users (industries; households, income levels; fundamental demand/supply analysis) |
| Concession Capacity | Concession capacity, design capacity, forecast utilization. Right to expansion |
| Minimum Offtake Volume | Minimum volume for which tariff payment is guaranteed or Capacity Charge |
| Tariff and Tariff Adjustment | Tariff pricing ( per end-user categories). Tariff adjustment linked to CPI |
| Security for Tariff Payment | Bank or other guarantee; escrow account with minimum deposit |
| Termination Fee | Termination provisions |
| Exclusivity and Renewal | Concession agreement provides an exclusive right to operate water facilities in the designated area.Right to extend the term of the agreement upon expiry |
| Others | Rights and obligations of each party to be set out clearly, including in the following areas: Project Implementation; Construction; Pipeline; Operations and Maintenance. |
Introduction to Tigris
- Water Investment needs in Asia : >USD 200 billion
- Pioneering pan-Asian Fund to provide growth capital & management capacity support to water companies in Asia
- Founded by Odyssey Capital, with extensive investment and water industry experience
- Strong institutional partners/investors, including :
- Macquarie Capital (Co-Sponsor)
- Eastspring (Prudential)
- FMO
- Nippon Kei
- Fund operational since January 2016
- Current Fund Size – USD85 million
- Target final fund size – USD300+ million
- Investors in Fund are interested to co-invest alongside Tigris
- Closed two investment transactions to date :
- USD30m commitment to Chinese water company for BOT/BOO projects in China
- USD25m commitment to Singapore water company for BOT/BOO projects in ASEAN region
Odyssey Capital – General Partner of Tigris
Odyssey Capital is an investment firm, specializing in infrastructure & financial Institutions, with global investment experience including in water, power, renewable energy, roads, ports, airports, etc.
Odyssey Capital – Unique Combination of Water Operating & Investment Experience
WATER INVESTMENT EXPERIENCE
- Manages Tigris Water Fund, only pure play Water Private Equity Fund for Asia
- Extensive debt, equity, mezzanine, project financing in water
- Water leasing and PPP/BOT/BBO investment and structuring experience
- Water M&A experience
- Providing advisory and capacity building value-add to mid-market water companines in Asia
WATER OPERATING COMPANY EXPERIENCE – HYFLUX
- Top Management of leading water company in Asia
- Developing Hyflux’s infrastructure business globally
- Overseeing water operation in china, Middle East and North Africa, and global EPC business
WATER ASSET MANAGEMENT TRACK RECORD
- Managing 19 Water/Waste-water Treatment Plants
- Established and managed the firts global water business trust
- Delivered financial performance which exceeded IPO projections
Tigris – Founders’ Background
Saud Siddique, CEO
- IFC – 17 years with IFC. Led tams on infrastructure and financial institutions investments in Asia and Latin America, Head of Infrastructure Business Development for East Asia and Pacific
- Hyflux – CEO of Hyflux Water Trust (HWT). Led listing of HWT on Main Board Singapore Stock Exchange with S$250m net asset value. Group Executive Vice President of Hylux Ltd.
- Srei Infrastructure Finance – Joint Managing Director and Board Member. Responsible for growing infrastructure finance portfolio from USD200 million to US2 billion.
- Emerging Africa Infrastructure Fund – Board Director & Chairman of Credit and New Business Committes. USD1.5 billion fund, invested in 23 Sub-Saharan countries.
- SBC (now UBS) – Extensive experience in structured finance, project finance, and municipal water infrastructure financing, all in the US
- Served as Chief of Party (CoP) id USAID mandate to advise Government of Pakistan on financing strategy for USD15 billion 4,500 MW Daimer Basha Dam Project
Daniel Yeung, Principal
- World Bank Group – Infrastructure and clean environment investments, including with IFC, Infrastructure Department, and Global Environment Facility
- Hyflux/Hyflux Water Trust – Vice President, Investments
- Srei Infrastructure Finance – Senior Vice President, Project and Structured Finance
- Credit Suisse First Boston – Corporate and Investment Banking
Macquarie Capital – Global Infrastructure Investor
- Extensive experience in investing and managing water assets, including Thames Water (UK), Aquarion (US), etc
Tigris Water Fund – Target Sectors
- Municipal Drinking Water Treatment, Sewage Treatment
- Industrial Pure Water Treatment Wastewater Treatment & Reclamation
- Sludge/ Bio-solids Management
- Waste(water) to Resource (Wastewater Biogas to Energy)
- Target Countries
- China
- Indonesia
- India
- Philippines
- Thailand
- Vietnam
- Others (South Asia and SE Asia)
Tigris Water Fund – Value Addition
- Provides more than Capital
- Long-term Strategic Partnership with Water Companies
- Assistance & support in terms of entry into New Markets
- Localized knowledge, validated expertise & networks throughout Asia
- Support Management with Strategic Advice on key aspects of growth
- Advice on Operations, Corporate Policy & internal Processes
Biosystems and Tigris Partnership
- Tigris and Biosystems has agreed to jointly participate in BOO/BOT Projects in Indonesia on Water and Waste Water Treatment and Water Reuse
- Biosystems will be responsible for the ongoing Relationship with the Customer
- Biosystems will design and build the System which will meet all required specs of the customer
- Biosystems will be responsible over the life of the BOO/BOT contract with Customer for day-to-day Operations, management and maintenance of all aspects relating to the projects
- Tigris will be responsible for funding the Projects, subject to investment criteria being met
