Geneva June 2005 FIDEME FIDEME ® ® AN INSIGHT INTO ASPECTS OF THE RELEVANT EXPERIENCE OF AN INSIGHT INTO ASPECTS OF THE RELEVANT EXPERIENCE OF IXIS IXIS - - CIB CIB IN THE CONTEXT OF THE PROPOSAL IN THE CONTEXT OF THE PROPOSAL for for a Public Private Partnership vehicle to be set up with UNECE a Public Private Partnership vehicle to be set up with UNECE dedicated to financing energy, energy efficiency dedicated to financing energy, energy efficiency and renewable energy projects and renewable energy projects in Central and Eastern Europe under the aegis of in Central and Eastern Europe under the aegis of Heneage LEGGE - BOURKE - +33.1.58.55.66.12 Pascale P. THEVENOUX - +33.1.58.55.68.18 Implementation of the Kyoto Protocol, Energy Efficiency and Climate Change Mitigation Geneva, 29 June 2005
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Geneva June 2005FIDEMEFIDEME®®
AN INSIGHT INTO ASPECTS OF THE RELEVANT EXPERIENCE OF AN INSIGHT INTO ASPECTS OF THE RELEVANT EXPERIENCE OF IXISIXIS--CIBCIB
IN THE CONTEXT OF THE PROPOSAL IN THE CONTEXT OF THE PROPOSAL forfor
a Public Private Partnership vehicle to be set up with UNECE a Public Private Partnership vehicle to be set up with UNECE dedicated to financing energy, energy efficiency dedicated to financing energy, energy efficiency
and renewable energy projectsand renewable energy projectsin Central and Eastern Europe under the aegis ofin Central and Eastern Europe under the aegis of
Heneage LEGGE - BOURKE - +33.1.58.55.66.12
Pascale P. THEVENOUX - +33.1.58.55.68.18
Implementation of the Kyoto Protocol, Energy Efficiency and Climate Change MitigationGeneva, 29 June 2005
June 2005 Geneva FIDEMEFIDEME®®
Disclaimer
• This presentation has been prepared by IXIS Environnement & Infrastructures (IXIS E & I) and IXIS Corporate & Investment Bank (IXIS-CIB) based on material and information provided by the sponsorsCaisse des dépôts et consignations (CDC) and Fortis for information purposes only about the Luxembourg SICAV – European Carbon Fund (ECF). IXIS-CIB has provided the information on the FIDEME fund.
• This presentation is provided to attendees of the UNECE Committee on Sustainable Energy, Energy Efficiency 21 Steering Committee and Related Meetings 27th June-1 July 2005 and does not constitute an invitation or a recommendation to these attendees (or to any other person) to subscribe for shares in ECF nor in the FIDEME and is provided for information purposes only. The term “institutional investors” refers in the presentation to well-informed legal entities (either corporate or financial institutions) having sufficient knowledge and experience in the field of financial investments.
• The information contained in the present draft documentation does not constitute any contractual involvement by IXIS E & I or CDC or Fortis or by IXIS-CIB.
• While the information contained in the presentation is believed to be accurate, IXIS E & I, IXIS-CIB, CDC and Fortis shall have no liability for any representations, expressed or implied, with respect to this document or any other written or oral communication in the course of this presentation.
• No person has been authorized by either IXIS E & I or CDC or Fortis or IXIS-CIB to give any information or to make any representation not contained in the presentation and, if given or made, any such information or representation may not be relied upon as having been authorized by CDC or Fortis or IXIS E & I, or IXIS-CIB.
June 2005 Geneva FIDEMEFIDEME®®
TABLE OF CONTENTSTABLE OF CONTENTS
I. GROUPE CNCE and IXIS-CIB
II. GROUPE CNCE’S EXPERTISE IN PPP, PPP FUNDS, ENERGY, EE, CO2, MUNICIPALITIES FINANCING
III. LEAGUE TABLES
IV. A PPP VEHICLE: AN ATTRACTIVE SOLUTION TOWARDS THE CORE OBJECTIVES OF UNECE - EE21
V. DEVELOPPING THE CONCEPT IN PARTNERSHIP WITH UNECE-EE21
VI. STRENGTHS OF THE IXIS-CIB AND CONSORTIUM ADVISORY OFFER
VII. CONCLUSION
VIII. APPENDICES – Case Studies FIDEME® , ECF
June 2005 Geneva FIDEMEFIDEME®®
I. GROUPE CNCE and IXISI. GROUPE CNCE and IXIS--CIBCIB
June 2005 Geneva FIDEMEFIDEME®®
Figures of Groupe CNCE at 31.12.04
:
2003 2002
Total assets 381 Md€ 357 Md€
Net Banking Income 7,2 Md€ 6,6 Md€
Net income, group share 1 116 M€ 952 M€
ROE 11,3% 10,1%
Rating AA/Aa/AA AA/Aa/AA
Employees 44 900 44 900
June 2005 Geneva FIDEMEFIDEME®®
Groupe CNCE Organigramme
Filiales spécialisées et participations banque de détail
• IXIS-CIB Financial Engineering structured and manages a dedicated PPP fund
– FIDEME®: €45M fund bringing together public funds provided by ADEME (French Environmental Agency) and private sector investors. Approved by the EU as an authorised public funder of the sector
– 2 PPP funds in final stages of inception – 1 greenfield and 1 brownfield
• Implementation of Kyoto Protocol flexible mechanisms and the European Trading System (mandated by the French Government and the EU Commission)
– Conception and implementation of the French National GHG Registry
– Created the first non-governmental sector Carbon Fund - ECF
– Advised the EU on the EU ETS CO2 trading scheme registry legislation
June 2005 Geneva FIDEMEFIDEME®®
IXISIXIS--CIB FINANCIAL ENGINEERING: CIB FINANCIAL ENGINEERING: A PROVEN EXPERIENCE IN PPP/CONCESSIONSA PROVEN EXPERIENCE IN PPP/CONCESSIONS
• CDC IXIS has strong expertise in environment, energy and transportation infrastructure
• A team of 40 professionals, providing international know-how, based in Paris and London
• In-depth knowledge of the financial markets (banks, capital markets, investors). Leading PPP initiative in France with global offers –structuring, provision of equity and of debt
June 2005 Geneva FIDEMEFIDEME®®
IXIS IXIS –– GROUPE CNCE : GROUPE CNCE : FIELDS OF EXPERTISE IN ENERGY, EE, PPP, FUND FIELDS OF EXPERTISE IN ENERGY, EE, PPP, FUND MANAGEMENT, MUNICIPALITY FINANCINGMANAGEMENT, MUNICIPALITY FINANCING
• IXIS-CIB structured the Central & Eastern European Environmental Investment
Fund with EBRD and the FOGIME Fund with ADEME:
– EIF: a €22M venture capital fund investing in companies selling environmental
goods and services operating in Bulgaria, Czech Republic, Hungary, Poland,
Romania and Slovakia
– FOGIME: a guarantee fund of energy and development of renewable energy to
foster SMEs’ investment for the improvement of energy efficiency, construction,
transport and local authorities, etc.
• IXIS Private Equity in Europe: over €15Bn of assets managed
• IXIS Financial Guaranty: one of the most active credit enhancers of American local
governments
• Groupe CNCE : €20.4Bn lent to French municipalities in 2002, N°2 market share
June 2005 Geneva FIDEMEFIDEME®®
III. LEAGUE III. LEAGUE TABLESTABLES
June 2005 Geneva FIDEMEFIDEME®®
FINANCIAL ADVISORY LEAGUE TABLESFINANCIAL ADVISORY LEAGUE TABLES
4 - SG 4 - Deutsche 4 - European Cap. 4 - Investec 4 - Grant Thomson 4 - Grant Thornton 4 - Macquarie
5 - Fieldstone 5 - Taylor de Jongh 5 - Citigroup 5 - SG 5 - KPMG 5 - David Wylde 5 - IXIS 6 - Macquarie 6 - Schroders 6 - KPMG 6 - Babcock&Brown 6 - Macquarie 6 - Macquarie 6 - Royal Bank of Canada
7 - European Capital 7 - Fieldstone 7 - SG 7 - Macquarie 7 - Fieldstone 7 - IXIS 6 - Grant Thomton
8 - HSBC 8 - SG 8 - ABN AMRO 8 - Taylor de Jongh 8 - IXIS 8 - Espirito Santo Investment 8 - HSBC
9 - Charterhouse 9 - Arthur Andersen 9 - Taylor de Jongh 9 - Andersen 9 - SG 9 - Royal Bank of Scotland 9 - SG
10 - Banco Espirito 10 - European Capital 10 - Babcock&Brown 10 - Royal Bank of Scotland 10 - ABN AMRO 10 - Investec 10 - Taylor de Jongh 11 - Taylor Dejongh 11 - Bank of America 11 - Macquarie 11 - BES 11 - Citigroup 11 - Dexia 11 - BNL
12 - ABN 12 - Deloitte&Touch 12 - Bank of America 12 - BNPP 12 - Investec 12 - Caja Madrid 12 - Investec
13 - Greenwich Nat West 13 - Dresdner Kleinwort 13 - Dresdner Kleinwort 13 - IXIS 13 - Taylor de Jongh 13 - BNPP 13 - Royal Bank of Scotland
Source: Project Finance International (Thomson Group), EMEA Region
June 2005 Geneva FIDEMEFIDEME®®
IV. A PPP vehicle: IV. A PPP vehicle: anan
attractive solution answering theattractive solution answering thecore objectives of UNECE core objectives of UNECE –– EE21EE21
June 2005 Geneva FIDEMEFIDEME®®
WHY A PPP SOLUTION (1)
• Main characteristics of energy and energy efficiency projects in Eastern European countries: smaller collective interests
– Economies in transition issues: difficulty attracting bank financing
– Energy and EE needs: in the public sectors of transport and infrastructure
– Financing provided by local commercial banks are not sufficient (short maturities)
– Large financial institutions focus on large projects vs. smaller size for E and EE needs
– Relatively inefficient and small equity market
– Access to subsidies issues
June 2005 Geneva FIDEMEFIDEME®®
WHY A PPP SOLUTION (2)
• A PPP approach implicating the public sector throughout the financing process
– Evaluate and build a pipeline at early stage with the UNECE and UNECE Member States
– Member States could provide part of the public tranche of the PPP fund
– Political, legal, tax and technical support of the UNECE and theMember States
– UNECE and Member States could catalyze the financing process
– Provide an attractive rate to private sector investors and a lowlending or equity rate to the projects thanks to the public tranche in the vehicle
June 2005 Geneva FIDEMEFIDEME®®
V. Setting up and search ofV. Setting up and search of
the financing forthe financing for
the UNECE PPP vehiclethe UNECE PPP vehicle
June 2005 Geneva FIDEMEFIDEME®®
Description of the setting up and search for the financing for the UNECE PPP vehicle in 3 main phases
Following on two years of close co-operation conceiving, familiarising and developing the appropriateness of the PPP concept with the EE21 team in Geneva and extensive consultation with the French Authorities:
• Phase 1: Initial structuring and public fund identification
• Phase 2: Private fund raising
• Phase 3: Set up and launch of the investments of the fund, last steps in structuring
June 2005 Geneva FIDEMEFIDEME®®
VI. STRENGTHS OF THEVI. STRENGTHS OF THE
IXISIXIS--CIB CONSORTIUMCIB CONSORTIUM
June 2005 Geneva FIDEMEFIDEME®®
IXIS-CIB HAS BROUGHT TOGETHER A STRONG CONSORTIUM
The following consortium has agreed to work under the leadership of IXIS-CIB on an exclusive basis:
• The French public agency for the Environment answering to the Ministry of Industry. ADEME has the most important expertise of its kind in Europe including southern and eastern Europe
• Part of the powerful Italian SAN PAOLO IMI GROUP. SAN PAOLO IMI is used to teaming up with IXIS-CIB (energy and infrastructure project financing, FIDEME, CO2 fund, renewable energy) and has experience of Eastern Europe
• One of the major German Banking Groups used to working with IXIS-CIB (strong partnership at mother companies level, PPP structuring in Germany)
• The Portuguese savings bank group
• Other contacts include: French Ministry of Foreign Affairs, FFEM, KfW-DEG, Bank Austria, KBC, EBRD, EC
June 2005 Geneva FIDEMEFIDEME®®
Conclusions and lessons learned
• A PPP vehicle is the most appropriate
• Links subordinated public debt and private senior funding
• Attracts otherwise unavailable private funding
• Enables public sector to receive returns absent from subsidies
• Permits leverage effect on public semi-equity to increase funding available for projects
• ECF experience pertinent
• Pan-European institutional back-up with relevant regional experience
• Importance of thorough initial structuring
June 2005 Geneva FIDEMEFIDEME®®
Contacts
IXIS Coporate and Investment Bank47, quai d’Austerlitz