Class 35 - Innovative Infrastructure Finance

8/8/2019 Class 35 - Innovative Infrastructure Finance

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Innovative

Infrastructure Financing


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Extra-ordinary Urban Growth inLess Developed Countries

600 Million people added to the worldsurban population between 1990-2000

Close to 3 million people are added inAsia alone every month, i.e. equivalent toone new City a month

Of the 21 mega cities (popln. 10 million+)in the world today, 17 are estimated to bein developing countries


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1350 M

361330 M

459 M

(34%)366.3

(31.13%)285.35

(27.78%)217.61(25.71%)

62(17%)50 M(16%)

0

300

600

900

1200

1500

1947 1951 1961 1971 1981 1991 2001 2011 2021

Total Urban

Urbanisation Scenario inIndia

Decadal Growth Rate of Population (1991-2001

) Urban: 31.13% Rural 17.97%

1027 M11 May, 2000, 1000 M

1 March, 2001,


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705335

2395

0

20

40

60

80

1951 1971 1991 2001 2011 2021(Projected)

No. of Cities/Agglomerations with more than

1 Million Population

(37.8 % )

(33.0 % )

No.of Class-I Cities(> 1 Lakh) - 300 (1991)

% of Urban Population - 65%

India: Urbanisation ScenarioMetropolitan Cities/Agglomerations


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India : Million plus Cities andUrban Agglomerations - 2001

Category City

10 Mill ion+ (3) Greater Mumbai, Kolkata, Delhi

5 10 Million (3) Chennai, Bangalore, Hyderabad

3- 5 Million (2) Ahmedabad, Pune

2 3 Million (5) Surat, Kanpur, Jaipur, Lucknow, Nagpur

1 2 Million (22) Patna, Indore, Vadodara, Bhopal, Coimbatore,

Ludhiana, Kochi, Visakhapatnam, Agra,Varanasi, Madurai, Meerut, Nashik, Jabalpur,

Jamshedpur, Asansol, Dhanbad, Faridabad,

Allahabad, Amritsar, Vijayawada, Rajkot

35 million plus cities/ urban agglomerations


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Urban InfrastructureScenario in India

According to estimates of the Rakesh MohanCommittee total requirement for urban infrastructuredevelopment covering backlog, new investments andO&M costs for the next ten years is Rs. 2,50,000

Crores (US$ 57 Billion) The ninth Plan proposal identifies only around Rs.

12000 Crores. With anticipated growth in Tenth planproviding additional funds of Rs.13,000 Crores, the

total expected plan outlay comes to Rs. 25,000 Crores(US$ 5.7 Billion).

Funds for UI development fall short by more than 10times the requirement


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The Vicious Circle

LowCollection/Recovery

Low

Maintenance

Low ServiceLevel

Low Level of

Infrastructure

Low Capacity

to Pay

Low

Investments LowEqui l ibr ium

Cycle

VS/ KS

Ch ll f i


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Cities and Citizens get the infrastructure they

desire and deserve.

Challenges facingInfrastructure

Characteristics of infrastructure projects:

natural monopolies - non-exclusive nature in-elastic demand - huge investment required

for capital & maintenance

Traditionally Infrastructure provision seen as role ofgovernment

Schemes conceived as unitary service - no experience inunbundling

Although Financing options are rapidly changing due tofinancial, technological and organisational innovations

at project and policy levels- no clear guidelines forPrivate sector Participation


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Financing of InfrastructureSchemes Budgets of

Central Government State Governments

Local Governments

Raising loans from LIC/HUDCOand other Financial Institutions

Loans from International Funding Agencies likeOECF(JBIC), World Bank, ADB, KfW, USAID, etc.

Grant funds from Donor Agencies like DANIDA,DFID, CIDA, National Trust/ Missions

Every One Crorerupees spent in infrastructural provisionnow,saves Ten Croreon cost escalation and

public health care due to deficient services later!


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Role of Financing Agencies asFacilitators of Change

Principles of user-pay, abuser pay or polluter payto be used while determining the service charges toassess the practical aspect of pricing.

Willingness to Pay OR Willingness to Charge

For improving the sustainability of UI projects

emphasises Principle of full cost recovery Transparent, Targeted and Measurable subsidy, if

needed Cost savings through energy efficiency, reduction of

leakages, manpower rationalisation etc. Full autonomy to local bodies to determine tariffs Tariff fixation taking care of annual incremental cost,

O&M cost, debt dues, depreciation charges etc.

Compulsory 100% metering Operation of escrow account


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Issues Involved in Infrastructure Financing:Financial Institutions Perspective

ISSUES: Asset liability mismatch due to short term borrowing vs. longterm

funding. Large volume of resources for capital intensive projects Locking up of funds in specific large projects. High risk involved in greenfield ventures Non-uniformity in appraisal, guidelines and documentation

requirements Lack of tangible security and partial or nil recourse basis offunding projects.

Norms restricting exposure to individual agencies.RISKS:

Political risks & Implementation risks. Risks of default by borrowing agency Risks of prepayment in falling interest rate scenario Foreign Exchange Risks and currency fluctuations

In this context, alternatives in service delivery and innovations in

resource mobilisation being explored by Financial InstitutionsHUDCO, IDFC, ICICI, IL&FS and LIC


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Some Innovative User pay Instruments

Infrastructure Type Innovative user pay Instruments

Water Supply - Advance registration charges, Connectioncharges, Enhancement of water tariff, Waterbenefit tax/water tax, Betterment charges,Development charges, Utilization from othersources such as octroi, property tax, sale ofplots etc. and Charges from water Kiosks

Sewerage - Connection Charges, Sewerage Cess Tax,Conservancy Tax, Sale of Renewable waste,Sale of Sludge and Sale of Nutrient richwastewater.

Solid waste - Collection Charges, Cess, Sale of Renewable

waste, and Fines for dumping waste. Roads/Fly-overs/ - Toll Tax, Land as a Resource and Advertising

Bridges

Airports/Rly. Stations/ - Surcharge on tickets,using land as a resource,Bus Terminals Toll Tax, User, Charges for transportation

terminals and advertising rights.


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WATER SUPPLY Water resource management & Development of source

Treatment of water and bulk supply - Water PurchaseAgreement

Distribution / Operation and Maintenance (O&M) Billing / Collection

SANITATION Sewerage network (collection system)

Pumping Stations(Installation and O&M)

Disposal system - Through taxes (on the basis of waterconsumed)

Commercialisation to Privatisation:Illustrative List of Potential Unbundling Packages


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Increased emphasis on Private SectorParticipation in Urban Infrastructure

The imperative need forPrivate SectorParticipation for:

EXTENDED RESOURCES

EFFICIENT PROJECTMANAGEMENT /

MAINTENANCE

STATE-OF-THE-ART

TECHNOLOGIES


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Route to Private SectorParticipation

The concept of Public-Private -Partnership is

generally seen as one of these models:

Build-Operate-Transfer (BOT)

Build-Operate-Own-Transfer (BOOT)

Build-Operate-Lease-Transfer (BOLT)

Rehabilitate-Operate-Transfer (ROT)

Design-Build-Finance-Operate-Transfer (DBFOT)

In INDIA full blown Private Sector Participation

models have not been put into place, so far


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Options for Private SectorParticipation (PSP)

However, the various options available, in order ofincreasing Private Participation in Water Supply &Sanitation Projects being taken up are:

Service Contracts Management Contracts Lease Concession

With experience and later on, through BOT/BOOT etc. Divestiture


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Private Sector Participation in Water Utilities -Manila Experience

Successful involvement of Private Sector in Power Generationand Distribution; Largest effort in privatisation of Waterutilities.

Metropolitan Water Works and Sewerage System (MWSS) hadcovered only 67% population with intermittent water supplyand 8 % with sewerage system in 1994.

56 per cent of 3000 mld supply was non-revenue water

MWSS privatised in 1997 and split into two.

Manila divided into two Zones - East and West.

Two Consortia led by - BENPRES for West and AYALA foreast -selected to run water works on 25 year franchise; BothGroups offered rates lower than the prevalent rate (8.78 pesos)


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Private Sector Participation in Water Utilities -Buenos Aires Experience

National Public Company OSN was in charge of water &sewerage.

Unaccounted-for water was about 45% of production

Objective of PSP: To reduce Government burden and minimise

the price for service delivery Privatised in 1993 - Through Concession, thus effectivelykeeping the fixed assets under Public Ownership

Single private firm to operate on 30 years concession period tobe revived by re-bidding later

Responsible to operate and maintain fixed assets and expandcoverage and guarantee water quality

Pricing to incorporate subsidy already existing, first pricereview after 5 years


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Improvements in Water and SanitationServices after Awarding the Concession in

Buenos Aires

Indicator Before theConcession

(1992)

December

1995

Percentage

change (%)

Production capacity

(millions cum/ day)

3.4 4.3 27

Population served(M)

Water

Sewerage

6.0

4.9

6.5

5.3

8.8

6.4

Employees per 1,000

connections

7,450 4,250 -43

Response time for

repairs (hours)

180 48 -73

Meters in service 30,000 170,000 460

P i t S t P ti i ti i W t


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Reasons for success : Comprehensive and transparent bidding process - Two

Envelope System

Independent Regulatory Agency established by Government to

monitor concessionaire, enforce the terms of contracts andregulatory specifications and levy fines where necessary

Contract had provision for adjustment and re-negotiationduring enforcement of concessional period (after 2 years theinitial reduction of tariff partly withdrawn in view of more

capital investment on system improvement, than originallyestimated)

Re-negotiation : transparent and stakeholders involved

Tariff policy had a fixed portion to cover cost of infrastructureand a variable part proportional to consumption

Private Sector Participation in WaterUtilities - Buenos Aires Experience


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Indian Experience in Privatisation ofWater Supply & Sanitation

Tiruppur Water Supply and Sewerage Project

Implemented through a SPV New Tiruppur AreaDevelopment Corporation (NTADC) promotedby Infrastructure Leasing & Financing Services(IL&FS) Tiruppur Exporters Association (TEA) TamilNadu Corporation for Industrial Infrastructure

Development (TACID) Estimated Project cost - Rs. 900 Crores at 1998

prices (Rs. 1000 crore at present). O&M contract to consortium of

Mahindra & Mahindra+United Utilities International,North West Water +Bechtel

Attained financial closure with 10% stake by LIC &

GIC.

Indian Experience in Privatisation


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Pune Water Supply and Sewerage Project - Developed by Pune Municipal Corporation at a

estimated project cost of Rs. 750 crores ($ 187.5 M)later revised to Rs. 392 Crores with HUDCO assistance

Private Sector Participation envisaged in Construction,Operation and Maintenance, Tariff collection

Financial Participation in addition to HUDCO expected fromIL&FS, ICICI, HDFC, IDFC and Bank of Maharashtra

Request for proposal sought

Tie-ups: Anglian Water + Trafalgar House & ShirkesBinnie Black + Veatch & Thames Water + L&TKrugger + Generale Des eaux & Shanska Int.Preussag + Tata ProjectsHyundai + Sundram ChemicalsHanjin + Krupp and Zoom Development Group

Political Risk - work re-tendered at RfP level

Indian Experience in Privatisationof

Water Supply & Sanitation



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Bangalore Water Supply Project BOOT arrangement for sourcing 500 mld

water.

Establishment of two Tertiary WaterTreatment Plants (of total 60 mld capacity)with HUDCO assistance

Private Sector (Industries) to undertakelaying of feeder mains

envisages provision of 500 mld of water tothe city on a BOT basis with estimatedproject cost is Rs. 800 Crores (US$ 173 M).





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Chennai Metro Water Out of 119 Sewerage Pumping Stations, Operation

& Maintenance of 70 by private sector

Sourcing of water in 7 wells through private sector

Construction of 300 mld Water Treatment Plant by- M/s Hindustan Dorr Oliver Ltd. And O&M byM/s Richardson Cruddas

New Chembarampakkam WTP of 530 mld capacity(over and above the existing 600 mld capacity)

Bid documents for BOT by TCS

HUDCO funding availed





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Private Sector Participation on the anvil inwater supply & Sanitation Nagpur - Dewas Kolhapur - Cochin

Vishakhapatnam - Dharwad Goa - Alandur

Karnataka Urban Water Supply and DrainageBoard (KUWS&DB) for Management Contract

in Distribution and O&MTowns Selected for the initiative are

- Mysore - Mangalore

- Hubli Dharwad - Gulbarga




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Privatisation experience in India inSolid Waste Management

ENBEE Infrastructure Ltd. onBOO basis in Nagpur

M/s Excel Industries Bio-degradation of solid wastein

Vijayawada, Calcutta,Mumbai, Bhopal, Bangalore,Gwalior, Cochin & Calicut

M/s CELCO in Hyderabad Common hospital waste

treatment plant by GJMulticlave in Hyderabad

Compost plant by IVR Enviro atTiruppur


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Privatisation experience in Transportation Pali Bye-pass, Rajasthan - TCI

Infrastructure Ltd

Coimbatore Bye-pass (L & T) Karur Bridge on BOT basis by

East Coast Constns &Infrastructure Pvt. Ltd.

Kemptee-Kalamana Toll Road in

Nagpur Karur Bridge on BOT basis

Faridabad Byepass

NOIDA Toll Bridge Company

Cochin International Airportin Joint Sector by CIAL

Bangalore Airport

Ports Pipavav, Positra, Adani,Kakinada, Ennore, Cochin, Mumbai

I t t i i BOT


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Important issues in a BOTarrangement

Who are the parties to the contract ?

What are the objects and scope of the BOTarrangement?

What is the duration that might lead to earlytermination?

What are the obligations of the BOT operator ? What are the obligations of the guarantor ? What are the key regulatory provisions ? How will the key risks be managed ? How will performance be measured and monitored ?

How will the assets be transferred to the BOT operator? What are the consents required ? Who will be responsible for environmental liabilities ? How will disputes be resolved ?

C d S f S i


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Countdown Steps for StructuringPrivate Sector Participation

Process Structuring and Stages - countdown

09 Expression of Intent by Public Agencies

08 Firming up the Project Contours (Consultants)

07 Short-listing of Private Parties 06 Project Description Report

05 Pre-qualification of existing bidders

04 Issue of Request for Proposal (RFP)

03 Evaluation of Bids 02 Negotiations

01 Award of the Contract (Financial Closure)

00 Commencement of Work

Evolving Appropriate


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Legal and Regulatory Framework Simplification of Legislation

Techno -Legal Regime (Australian UtilitiesCommission, U.K. initiatives-OFTEL, OFWATS)

over-arching legislation in the line of Federal Law ofPhilippines (BOT, BOO,etc)

State/City Level Regulatory Bodies in India

CERC / SERC in Power Sector TRAI (set to become CCI) in Telecom / ICE sector

NHAI in highways sector

Need for similar regulators in Urban Infrastructure

Evolving AppropriateOrganisational/Institutional

Mechanisms

U b I f t t


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Urban Infrastructure -Regulatory Authority

Utility &

Shareholders Users

Political

Authorities


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The Regulatory Mechanism

Regulate prices Promote operating efficiency

Specify and monitor service standards

Control externalities

Maintain public good functions Ensure asset serviceability

Ensure development of essential infrastructure

Prevent manipulation of land values

Prevent unfair trade practices Promote efficient use

Ensure responsiveness to final customer needs

Model BOT Laws


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Model BOT Laws

Gujarat Infrastructure Development Act 1999

First State to formulate a separate act Draws from the experiences in Philippines

Authorises the Govt./agencies to enter intoconcession agreements

Provides a list of various forms of assistance to beprovided to the developer including exemption oftaxes etc.

Competitive bidding mandatory for ensuringtransparency

The concession agreement to prescribe the user feeto be charged by the developer

Need for replication in other States

Infrastructure Authority


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Infrastructure Authority Infrastructure Authority formed under Infrastructure

Development Enabling Act (IDEA), Andhra Pradesh

Envisaged Roles for Infrastructure Authority: Conceptualisation of projects - Processing of the projects

Mobilising public opinion - Advisory role to the government

Co-ordination - Monitoring / approval of bidding

Implementation of P-P-P-P - Prioritisation of projects Preparation of schedule. - Approval of TOR for consultancy

Budgeting / financial allocation - Expedite clearances and permits

Tariff fixing, user/abuser charges and cost recovery

Model contract principles

Supervision over implementation and project management

Proposes a Swiss Challenge Approach for evaluating thesingle bid for projects brought by proprietary agencies

Legal Issues in Urban Infrastructure


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Legal Issues in Urban InfrastructureFinancing

Security Mechanism for UI Projects

Non-availability of Conventional securities (government

guarantees, corporate / bank guarantees) Letters of comfort not a legal security option Collateral Securities and Equipment Leases used in

certain infrastructure

Mortgages not viable securities in most UI projects Need for partial or non-recourse financing and

legislative changes for treatment as Secured Loans in theBook of Accounts

Negative lien could be considered only as a transientsecurity instrument Escrow accounts of receivables

enhances transparency of the cash-flows

ensures sufficient balance for immediate repayments.

Innovative Escrow Account for


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Innovative Escrow Account forTransportation

fleet augmentation

upgradation of infrastructure

computerisation

Escrow

Rs. 1000 / bus / day(US$ 20.8) deposited in

escrow account out ofthe anticipated daily

revenue of Rs. 5760 perbus (US$ 120)


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Innovative ResourceAvenues in

UI Financing

Financing Options Matrix


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Financing Options MatrixS.No

Charac t e r is t i cs o f I n f ras t ruc tu re

Pro jec ts

Issue(s) Opt ions/ Al t er nat ives

1 Capital intensive Scarcity ofResources

Multilateral financing Consortium/Syndication Federal Govt. Guarantee with

financial support

2 Long Gestationperiod

Asset LiabilityMismatch

Take out financing Long Term Borrowing

Securitisation of receivables3 Working Capital

requirementsbased on ProjectPhasing

Overlapping ofproject

implementnschedules

Flexible financing delinkingconstruction stage frompost-construction phase

Cash flow financing

4

Inadequatereturns anduncertainty onreturns

High cost offunds,Defaults/NPA

risk

Tax Incentives Priority Sector Lending Sub-ordinate debt finance Firm tariff policy Escrow Accounts Power Purchase Agreements

Sinking funds

Fi i O ti M t i


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Financing Options MatrixS.No

Charac t e r is t i cs o f I n f ras t ruc tu re

Pro jec ts

Issue(s) Opt ions/ Al t er nat ives

5 Long Term borrowing Interest rate &Currency

fluctuations

Interest Rate Swap Forward Rate Agreements Floating Interest Rates

6 Multiple debtservicing obligations

High debtequity ratio

Sub-ordinate debt financing Equity infusion from strategic

partners7 Lack of tangibleassets andcollateral/security

Realization ofloan amount

on liquidationor default

Letters of comfort Pari passu charge on Escrow

Account Bank Guarantees

8 Varied expertise and

advanced technology

Lack of

appraisal &operationalskills

Joint Ventures

Special Purpose Vehicles

9 Pioneering nature /Feasibility risk

Risk ofen masse

deployment

Venture Capital Funds Project Initialisation Funds

Consortium financing /


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Consortium financing /Group lending

For capital intensive projects and greenfield venturesbeyond lending capacity of single financial institution

Pooling of resources for funding the project.

Ensures sharing of the risks involved.

Needs rationalisation and standardisation of appraisalprocedures, lending guidelines and legal documentationof the constituent financial institutions

Need for pari passu charge on the escrow account assecurity to the partner institutions.

Desirable to provide a single window facility based ontripartite or joint agreements with the borrowing agency.


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Takeout Financing

Par t ne r Ins t i t u t ion

5 years 10 years

Pr imary

Lender

TENURE OF LOAN(15 years)

Outs t and ing Loan Amt .(Pr inc ipa l + In t erest )

Transfer o f Loan

Accoun ts

Fees /Commi tmen t

Charges

Liabilities of primarylender on projectabsolved at the endof a specified period

Partner institutiontransfers pertinent

loan accounts to itsown books, in lieu ofan agreed fee orcommitment charge.

Both parties bear the

project risks after thetake-out based on anon-recoursestructure.

pari passucharge onthe escrow account

as security option.


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Innovative Financing Mechanisms

Sub-ordinate (Mezzanine) Debt Financing: Internal restrictions on equity participation by financial

institutions,

Lower equity and hence limited debt-equity ratio of newState level bodies for infrastructure projects restrict themfrom market borrowing on a large scale.

Funding could be considered as deemed equity for aspecific period granting the bodies better financialleverage

Cashflow financing:

institutional funding to be tailor-made to suit the financialrequirements at various stages of the project calling forcash-flow financing.

Securitisation of


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Securitisation ofReceivables

SPV Investors

LendingIns t i t u t i on Bor rower

Periodic Cash Flows

Pass ThroughCertificates

Loan

Fees

OutstandingLoan

Portfolio

Repayments

S


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Securitisation of receivables Conversion of future cash receivables into financial or

debt instruments tradable in capital market Role of SPV as intermediary:

assumes the entire credit risk on the securitised receivables ofselected outstanding loan portfolio

Insulates the lender from bankruptcy & insolvency risks

repackages the receivables into pass-through certificates ofmanageable lots for onward trading in the secondary market. Principal and interest components of the repayments are

passed on to the security owner.

Merits to Investor: Continuous cash flow on Securitised instruments over the life of

the loan and principal depletes over time. Advantages to Lending Institution: reduces the locking up of funds in a few projects. facilitates reduction in borrowings ensures better asset-liability management. provides efficient exit option for the financial institutions to

transfer the risks of default and prepayment


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Emerging State Level Initiatives for


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Emerging State Level Initiatives forFinancing Urban Infrastructure

State Level Urban Development Funds like TNUDF &

MUDF in Tamilnadu Maharashtra, for facilitatingprivate sector participation bringing in commercialorientation, improving financial management ,assisting ULBs accessing capital markets.

State level urban development Finance Corporationsformed

APUFIDCO - TUFIDCO

KUDFC - KUIDFC

Gujarat Municipal Finance Board Tax intercept concept introduced in Madhya Pradesh

State for urban development loan servicing fund forlocal bodies.

FDI in Infrastructure


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FDI in Infrastructure Foreign Direct Investment(FDI) could be permitted through:

Financial Collaborations

Joint Ventures / Technical Collaborations Capital Markets via Global Depository Receipts (GDRs / Euro

issues)

Private Placements or Preferential Allotments

In India, FDI upto 100% permitted in airports (beyond 74%

with approval) and Mass Rapid Transit Systems. FDI upto 100 % permitted in

Integrated township development including housing,commercial premises, hotels, resorts

City and regional urban infrastructure facilities Manufacture of building materials Development of Land with allied infrastructure as part of

integrated township development Enabling guidelines required to prevent capital flight (lock

in period) and regulate repatriation of profits in FDI

S i l E i Z


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Special Economic Zones Proposal to set up Special Economic Zones (SEZ) in

various parts of country as duty-free zones forindustrial, service and trade operations to attractforeign investment and facilitate expeditiousdevelopment.

Proposal for a new SEZ at major Ports

The policy envisages the treatment of SEZs as priorityareas in provision of infrastructure, convergence instatutory clearances, exemption from duties andlevies as well as liberal regulations.

SEZs as industrial townships would need priority forintegrated provision of infrastructure facilities.

Imperatives for Sustainability in


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Imperatives for Sustainability inInfrastructure Financing

Development of

Legal & Regulatory

Institutional Mechanism

Fiscal & Financial Framework

Need for an Integrated Management of Urban Infrastructure &Intersectoral Co-ordination.

Creation of a new Breed of Urban Managers sensitised andresponsible for taking on the challenges in urban infrastructure

HUDCOs efforts for capacity building in decentalised training.

Curriculum upgradation to provide not only technical inputs(Civil Engg.+ Transportation Engg. + Hydraulic engineering +Public Health Engineering ); but also Financial Engineering.

Towards Sustainability in


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Towards Sustainability inInfrastructure Development

Development of innovative financing andsecurity mechanisms

Enabling Public-Private-Peoples-Partnerships(PPPP) and Government-Citizen Partnerships

General consensus on common national issues Role of the media

creating awareness and disseminating best practiceshighlighting the deficiencies and pertinent issues

mobilising unified public opinion attracting infrastructural investments

protecting vulnerable interest groups / environment

Towards equitable and balanced Infrastructure

development and economic growth.

Vicious Circle to Virtuous Cycle


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Vicious Circle to Virtuous Cycle

HighCollection/Recovery

Higher levelMaintenance

High ServiceLevel

High Level ofInfrastructure

HigherWillingness

HigherInvestments

HighEqui l ibr ium

Cycle

Class 35 - Innovative Infrastructure Finance

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