Delivering Sustainable Project Solutions

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•    Nam Ngum 3 Hydropower Project, Laos, Asian Development Bank

Financial appraisal of $925 million 440 MW hydropower facility to be constructed on the Nam Ngum River in Vientiane and Xieng Khouang provinces. This analysis was prepared to support a proposed ADB loan to Government of Lao (GOL) for purchase of equity in the project company through the Lao Holding State Enterprise (LHSE). 

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•    Power Transmission Investment Program, Vietnam, Asian Development Bank

Financial appraisal of first tranche ($125 million) of proposed $730 million multi-tranche financing facility for development of Vietnam’s power transmission network. The analysis included: (i) estimation of tranche 1 project costs; (ii) determination of sub-project financial internal rate of return (FIRR) and net present value; (iii) preparation of financial projections for the National Power Transmission Corporation (NPT); and (iv) preparation of financial management assessment for NPT.

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•    Trung Son Hydropower Project, Vietnam, World Bank

Financial appraisal of $412 million 260 MW hydropower facility to be constructed on the Ma River in Thanh Hoa province.  This analysis was prepared to support a proposed World Bank loan for the project. The analysis included: (i) determination of project financial internal rate of return (FIRR) and net present value; (ii) estimation of required bulk tariff for power purchase agreement; and (iii) risk and sensitivity assessments using Monte Carlo analysis.

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•    Rural Distribution Project, Vietnam, World Bank

Financial appraisal of $216 million rural power distribution project in Vietnam.  This included: (i) review of current and past financial performance of Vietnam Electricity’s (EVN) as well as the six participating Power Companies; (ii) financial analysis of proposed transmission project: (iii) determine status of compliance with financial covenants incorporated into existing World Bank (IDA) Credit and Project Agreements; and, (iv) development of 10-year financial projections for EVN and its Power Companies; and, (v) preparation of financial aspects of World Bank appraisal documentation.

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•    Power Transmission and Distribution Project Loan Appraisal, Vietnam, World Bank

Financial appraisal of proposed $180 million additional financing under ongoing World Bank funded power transmission and distribution project. This included: (i) detailed financial assessment of the proposed borrower, the newly established National Power Transmission Corporation (NPT); (ii) assistance to NPT in preparing a financial improvement plan; (iii) assessment of future tariff requirements; and (iv) design of recommended financial covenants for incorporation into legal agreements.

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•    Vietnam Third Provincial Towns Water Supply and Sanitation Project – Project Preparation Technical Assistance, Asian Development Bank

Financial evaluation and structuring of proposed $98 million project for water supply and sanitation improvements in eight towns in southern Vietnam.  This included the preparation of financial analyses of each subproject, financial projections for the five project water supply companies (WSC), water tariff requirements, project financial plan, proposed financial and institutional reforms of each WSC, and project management and flow of funds structures.

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•    Vietnam First Provincial Towns Water Supply and Sanitation Project, Asian Development Bank

ADB Appraisal Mission for a proposed $83 million water supply and sanitation rehabilitation project in six provincial towns in Vietnam (Long Xuyen, Nha Trang, Phan Thiet, Pleiku, Thai Nguyen, Thanh Hoa).

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•    Ho Chi Minh City Sewerage Project: Nhieu Loc – Thi Nghe Basin, Vietnam, Ho Chi Minh City People’s Committee & World Bank

Financial and economic evaluations of a $200 million drainage and wastewater management project proposed for the core urban areas of Ho Chi Minh City.  This included the determination of wastewater tariffs and the development of a plan for the implementation of these tariffs.

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•    Ho Chi Minh City Environmental Improvement Project, Vietnam, Asian Development Bank

Financial analysis of proposed $105 million environmental improvement project, which includes industrial wastewater management, solid waste management, and drainage components.  The analysis of the industrial wastewater management consisted of a financial comparison of a cleaner production/waste minimization program with a centralized wastewater collection and treatment system.

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•    Nam Theun 2 Hydropower Project, Laos, Asian Development Bank

Financial analysis of $1.25 billion 1,070 MW hydropower facility developed by the private sector on the Nam Theun River. This analysis was prepared to support of appraisal of ADB private sector loan to the project company (Nam Theun 2 Power Company Ltd. – NTPC), ADB political risk guarantee for commercial bank loans to NTPC, and ADB loan to Government of Lao (GOL) for purchase of NTPC equity. Preparation of financial projections for NTPC, financial projections for the GOL special purpose company established to receive NTPC dividends paid to GOL, financial internal rate of return (FIRR) for the project and return on investment for shareholders and GOL. Preparation of financial analysis sections for both ADB private sector and public sector appraisal documents.

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•    Supporting Water Sector Reforms through Innovate Lending, Philippines, United States Agency for International Development

Assistance to the Local Water Utilities Administration and 2 project municipalities in the design and implementation of an innovative lending structure for the financing of high priority, quick return efficiency improvement water supply projects. 

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•    Ningbo Water & Environment Project, China, World Bank

Project identification and appraisal of $285 million water supply and wastewater improvement project in Ningbo, a rapidly developing city in Zhejiang Province. This work included a detailed financial assessment of the Ningbo Water Supply Company, which was starting implementation of a $550 million 10-year capital investment program. Representing the World Bank in negotiating project financial covenants with the borrower to maintain adequate debt service coverage.

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•    Zhejiang Urban Environment Project, China, World Bank

Project identification and appraisal of $335 million urban development project in three cities in Zhejiang Province. Project components included solid waste management, wastewater, inner city river realignment, old city infrastructure upgrading, and urban heritage conservation. Responsibilities included: (i) preparation of Terms of Reference for project feasibility studies; (ii) supervision of financial and institutional aspects of feasibility studies; and (iii) preparation of financial and institutional analyses for inclusion in World Bank Project Appraisal Document.

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•    Hebei Urban Environment Project, China, World Bank

Project identification, appraisal, and supervision of $295 million urban development project in three cities in Hebei Province.  Project consists of two water supply components and three wastewater components.  Specific responsibilities included: (i) supervision and review of financial and institutional aspects of project feasibility studies; (ii) preparation of financial, economic and institutional analyses for inclusion in World Bank Project Appraisal Document; (iii) supervision and review of financial and institutional aspects of project implementation; (iv) supervision of status of compliance with legal agreement financial covenants; and, (v) determination of tariff requirements for project companies.

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•    Tai Basin Environment Project, China, World Bank

Project identification and appraisal of $180 million water quality improvement project two cities on Lake Tai in Jiangsu Province.  Specific responsibilities included: (i) supervision and review of financial and institutional aspects of project feasibility studies; (ii) preparation of financial and institutional reform components of the project; and (iii) preparation of financial and institutional analyses, for inclusion in World Bank Project Appraisal Document and other Bank documentation.

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•    Taiyuan City Environmental Master Plan, China, Taiyuan City & World Bank

Financial evaluation of environmental master plan for Taiyuan City, Shanxi Province.  This consisted of: (i) evaluation of a number of alternative development options; (ii) identification of the preferred option; (iii) assessment of potential sources of funding for implementation of master plan works; and (iv) determination of indicative wastewater tariff structures and levels.

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•    Guangzhou Solid Waste Management Sector Assessment, China, World Bank

Assessment of municipal and industrial solid waste sectors in Guangzhou Municipality.  This assessment supported preparation of World Bank funded Guangdong – Pearl River Delta Urban Environment Project. Specific responsibilities included: (i) assessment of existing institutional and financial arrangements for the management of the sector; (ii) estimation of existing capital and operating expenditures in the sector; (iii) development of recommendations for sector institutional and financial reforms; (iv) financial and institutional evaluation of planned industrial hazardous waste facility proposed to be included in World Bank funded project.

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•    Liaoning Environmental Project, China, World Bank/Liaoning Province & Canadian International Development Agency

Financial and economic analyses of a proposed environmental improvement project which included industrial effluent re-use wastewater collection and treatment, solid waste management, water supply, and central heating components.

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•    Bangkok Waste Management Project, Thailand, World Bank

Financial assessment of the proposed $280 million Klong Toey Wastewater Project for possible World Bank funding.  The project would provide wastewater collection and treatment to over 500,000 residents in southeast Bangkok. Representing the World Bank in discussing financial evaluation of the project with the Bangkok Metropolitan Administration (BMA) and BMA plans for the reform of sector financing mechanisms.  

•    Calcutta Environmental Improvement Project, India, Asian Development Bank

Financial evaluation of proposed $390 million environmental improvement project, which includes wastewater management, solid waste management, and industrial relocation components.

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•    Karnataka Urban Infrastructure Development Project, India, Asian Development Bank

Appraisal Mission for a proposed $132 million integrated urban development project in four urban centers (Mysore, Tumkur, Ramanagaram, Channapatna) located in the Bangalore sub-region area of Karnataka State.

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•    Tamil Nadu Waste Management Plan, India, Asian Development Bank

Financial assessment of proposed hazardous waste management facility to serve an industrial complex in the State of Tamil Nadu in southeastern India.

•    Punjab Rural Water Supply and Sanitation Sector Project, Pakistan, Asian Development Bank

Appraisal Mission for a proposed $60 million rural water supply and sanitation project in the Province of Punjab.

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•    Bagmati Basin Environmental Improvement Plan, Nepal, World Bank/Government of Nepal
Assessment of proposed environmental improvement program in the Bagmati Basin, which includes the Kathmandu metropolitan area.

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•    Kiribati Sanitation, Public Health, Environment and Sanitation Project, Asian Development Bank

Fact Finding and Appraisal Missions responsible for financial and economic evaluations of a proposed water supply, sanitation solid waste, and environmental improvement project in South Tarawa, the major center of population in the Republic of Kiribati. Updating project costs, financial projections, and detailed tariff requirements.

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•    Federated States of Micronesia Water Supply Project, Asian Development Bank

Financial and economic evaluations of a proposed water supply project serving the four island states (Chuuk, Kosrae, Pohnpei, Yap) comprising the Federated States of Micronesia. Updating project costs, reviewing the financial objectives and targets for each utility corporation, and preparing financial projections and detailed water and wastewater tariff requirements.

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•    Guyana Water Supply Technical Assistance and Rehabilitation Project – Pre-Appraisal, World Bank

Pre-Appraisal Mission for a proposed water supply rehabilitation project in Guyana.  Undertaking financial assessment of the Guyana Water Authority (GUYWA) and determining requirements for the strengthening of the financial management capabilities of GUYWA.

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•    Power Sector Expansion Project, Samoa, Asian Development Bank

Design and appraisal of financial aspects of $100 million expansion program proposed to be funded in part by an ADB loan and grant.  This included: (i) review of the Electric Power Corporation’s (EPC) current and past financial performance; (ii) financial analysis of investment program: (iii) status of compliance with financial covenants incorporated into existing ADB legal agreements; (iv) design of revised financial covenants; (v) assessment of EPC’s financial management capabilities; and, (vi) development of 10-year financial projections for EPC; and, (vii) preparation of financial assessment documentation for ADB appraisal documentation.