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PROPARCO finances an efficiency project in the cement sector in India
Paris, 6 April 2012. PROPARCO has announced the signing of a €12m loan with a 13-year maturity to Gulbarga Power Private Limited, the Indian subsidiary of the French cement group VICAT, to support improvements in its energy efficiency.
Since its independence, India has raised its power generation capacities by over a hundredfold, with a level of 182 GW in 2011. The power sector alone causes 40% of greenhouse gas emissions in the country, which is the world’s 3rd largest emitter after China and the USA. The Central Electricity Authority estimates that 55% of India’s power generation is coal-fired, which produces substantial emissions. With rising energy demand, the energy efficiency of industrial facilities and the increased use of renewable energies is becoming a major challenge for the country.
Lok Capital and Proparco Invest $5M In IFMR Rural Channels & Services
Delhi, 30 March 2012. Lok Capital, a venture capital firm focused on bottom-of-the-pyramid (BoP) market, and Proparco, the private sector investment arm of the French development body Agence Française de Développement (AFD), have invested $5 million (Rs 26 crore) in IFMR Rural Channels & Services. This is the first round of funding received by IFMR and will be used to ramp up its Kshetriya Gramin Financial Services (KGFS) and also to diversify its portfolio of services and products.
The IFMR Trust is a part of the Chennai-based B-school Institute for Financial Management and Research and has started promoting its KGFS model in 2008. The KGFS portfolio includes loan products (group loans, retailer loans, asset-backed loans, micro enterprise and emergency loans), insurance (accident, life, livestock), pensions, savings, remittances and investment products. IFMR has 110 branches across Tamil Nadu, Uttarakhand and Orissa, and caters to around 200,000 customers.
PROPARCO supports organic agriculture in China
Paris, 29 March 2012. PROPARCO announces the signing of an 8-year $US 10M loan with Jinyuan Organic, the largest processor and exporter of organic fruit and vegetables in China. This financing aims to support the Chinese company's growth on the export markets and on its rapidly expanding domestic market. It is part of an overall $US 32M facility with the International Finance Corporation (IFC) and the German financial development institution DEG.
The loan facility is intended to finance the construction of a new agricultural transformation plant in Tonggu district, in south-eastern China. It will enable Jinyuan to boost its production capacity by 60% and achieve an annual output of 80,000 tonnes in 2013.
Jinyuan is a vertically integrated company working in the agricultural growing, transformation and distribution sectors. It relies on a network of 6,000 small growers, to which it supplies input products and technical assistance, as well as outlets for their crops. Its presence in the region helps boost the income of these growers and is revitalising the local economic fabric. It is the region's leading employer and is helping to slow down the rural exodus of Chinese workers to the cities.
Jinyuan is one of the rare Chinese agro-industry companies to hold several international certifications, in particular Ecocert. "PROPARCO is proud to support the growth of a company taking part in developing organic agriculture in China. Jinyuan is helping to promote good agricultural practices in the country and improve the quality of the products available on these markets" explains Marie-Hélène Loison, Deputy CEO of PROPARCO.
More broadly, support for organic agriculture helps reduce the use of chemical products responsible for large quantities of CO2 emissions and improve soil quality in Jiangxi province in China.
ABOUT
PROPARCO is a Development Finance Institution jointly held by Agence Française de Développement (AFD) and public and private shareholders from the North and South. Its mission is to catalyze private investment in emerging and developing countries with the aim of supporting growth, sustainable development and the achievement of the Millennium Development Goals (MDGs). PROPARCO finances investments that are economically viable, socially equitable, environmentally sustainable and financially profitable. PROPARCO is one of the main bilateral development finance institutions in the world. It invests on four continents encompassing the major emerging countries and the poorest countries, particularly in Africa, and has a high level of requirements in terms of social and environmental responsibility. www.proparco.fr
Jiangxi Jinyuan Agriculture Development (“Jinyuan”) is one of the largest organic vegetable producers and exporters in China. It is located in Wanzai of Jiangxi, namely, the No. 1 “Organic County” with the largest organic farmland for vegetables, fruits and rice in China. Jinyuan controls large cultivation bases to secure sufficient and stable upstream supply of crops and owns ten food processing lines that represent the most popular and advanced vegetable preserved technology in China. Its products have been awarded with organic certification under EEC (EU), NOP (US), JAS (Japan) and HACCP (China).
http://www.jyorganic.com
PROPARCO signs US$20m loan for Hospital do Coração (HCor) in São Paulo
São Paulo, 22 March 2012. PROPARCO has just allocated a US$20m senior loan with a 10-year maturity to the Brazilian Hospital do Coração of São Paulo (HCor) to support its expansion and modernization program. This hospital is a center of clinical excellence specialized in treating cardiovascular diseases and benefits from the accreditation of the Joint Commission International for the quality and safety of its healthcare. PROPARCO’s financing, alongside the Brazilian bank BNDES, will help HCor diversify its activity.
With an ageing population and the rising standards of living, demand for quality healthcare services has been increasing in Brazil in recent years. Hospital facilities do not have enough capacity to meet these needs, particularly for cancer treatment. In this context, the private sector has a real role to play in strengthening healthcare provision in Brazil.
The project will create fifteen new beds for pediatric cardiology and construct two buildings for cancer treatment, neurosurgery and cardiology. The new integrated cancer center will provide patients with comprehensive healthcare and access to all the medical and technological examinations on a single site. These establishments will be certified by LEED, an American organization for green building certification.
“We are extremely pleased to be supporting the development of a reputable and strong healthcare provider such as HCor. The investment program will raise its operating capacity by 30%, with the creation of 75 additional beds and five new operating theaters. Our financing will enable it to access long-term financial resources and to diversify its funding sources”, says Stéphanie Lanfranchi, Head of PROPARCO’s Corporate Division.
This operation is PROPARCO’s second investment in Brazil’s health sector. It will help improve cancer patient management in Sao Paulo. More generally, the support to HCor will contribute to developing and improving healthcare provision in Brazil.
For this operation, HCor has been advised by the financial advisor Finenge.
About
PROPARCO is a Development Finance Institution jointly held by Agence Française de Développement (AFD) and public and private shareholders from the North and South. Its mission is to catalyze private investment in emerging and developing countries with the aim of supporting growth, sustainable development and the achievement of the Millennium Development Goals (MDGs). PROPARCO finances investments that are economically viable, socially equitable, environmentally sustainable and financially profitable. PROPARCO is one of the main bilateral development finance institutions in the world. It invests on four continents encompassing the major emerging countries and the poorest countries, particularly in Africa, and has a high level of requirements in terms of social and environmental responsibility. www.proparco.fr
HCOR is one of the leading reference hospitals in Brazil, which offers a broad portfolio of health services. The hospital is specially recognized as a center of excellence in cardiac treatment, including high complex surgeries, and in sports medicine. Throughout its more than 30 years, HCor has established itself as a multidisciplinary medical center which also offers other specialties such as Orthopedics, Neurology, Neurosurgery, Vascular Surgery, Urology, Gastroenterology, Pulmonology and Thoracic Surgery, among others. HCor is certified by Joint Commission International. www.hcor.com.br
FINENGE is a financial advisory boutique with focus on advising corporations and development finance institutions (DFIs). In addition, Finenge has been active in M&A, corporate restructuring and political risk insurance with MIGA. www.finenge.com
Financing the health sector in Lebanon
Beirut, 18 March 2012. PROPARCO has announced the signing of a USD 15m senior loan to the Lebanese company, CareMed Holding, to finance the construction of two healthcare centres in Lebanon. The signing ceremony was held in the presence of Dr. Bassim, Chairman of CareMed Holding, Kabalan Yammine, the Main Partner, delegate member of the Board of Directors of CareMed Holding, Etienne Viard, Chief Executive Officer of PROPARCO, and Marie-Hélène Loison, Deputy Chief Executive Officer of PROPARCO.
With an aging population and the rise in chronic diseases, Lebanon’s healthcare needs are rapidly changing. It is estimated that there are between 4,000 and 5,000 new cases of cancer every year. Healthcare services are mainly private and still do not have the capacity to meet this growing demand. There are significant disparities in access to healthcare between the different regions. In addition to this uneven coverage, Lebanon’s hospital network is extremely fragmented, which hampers its modernization.
In order to meet this new pressure on healthcare, the hospital landscape will need to be reconstituted by creating major groups. CareMed aims to become the country’s leading healthcare group through an innovative model of hospital networks. The group already comprises a renowned hospital in Northern Lebanon, the North Lebanon Hospital Center, a teaching hospital set up in 1996 to make up for the lack of beds, and an adjacent radiotherapy center. The project will create two new healthcare centers: a general hospital with 160 beds, Kesrwan Medical Center in Mount Lebanon, which will be affiliated to a prestigious medical school in Lebanon, and a 21-bed day center, the Beirut Surgery Center, in Beirut. The North Lebanon radiotherapy center will also be upgraded thanks to new high-tech equipment, particularly for cancer treatment.
“This support to a prominent healthcare provider such as CareMed Group should lead to more comprehensive and more modern healthcare services. These two new healthcare centers will improve access to healthcare services for communities in Beirut, Mount Lebanon and Northern Lebanon”, explains Etienne Viard, Chief Executive Officer of PROPARCO.
“We hope to influence and bring about change in the structure of the health system in Lebanon and in the impact it has in the region. We are moving towards more integration and collaboration between the hospitals in this network and more cooperation with other institutions in the sector. We are honored to do this with PROPARCO’s support and we are extremely pleased to have shared this experience with PROPARCO’s team, a team of experts dedicated to development”, explains Dr. Bassim, Chairman of CareMed Holding.
About
PROPARCO is a Development Finance Institution jointly held by Agence Française de Développement (AFD) and public and private shareholders from the North and South. Its mission is to catalyze private investment in emerging and developing countries with the aim of supporting growth, sustainable development and the achievement of the Millennium Development Goals (MDGs). PROPARCO is one of the main bilateral development finance institutions in the world. It invests on four continents encompassing the major emerging countries and the poorest countries, particularly in Africa, and has a high level of requirements in terms of social and environmental responsibility.
CareMed Group was created by Dr. César Bassim. In 1996, Dr. Bassim founded the North Hospital Center (NHC), located in Northern Lebanon, and the Medical Treatment Center, a radiotherapy center adjacent to the NHC. He subsequently sought to extend his activity by developing two new high-quality healthcare centers in the Beirut region and a Faculty of Nursing. CareMed Group aims to become a health group comprising various entities with a harmonized management system.
Developping clean energy in Panama
Washington, 12 March 2012. ACON Latin America Opportunities Fund (ALAOF), a private equity investment fund managed by an affiliate of ACON Investments LLC, (ACON), announced today that it has led a consortium of co-investors that includes PROPARCO and the Netherlands Development Finance Company FMO to invest in a controlling stake in Hidrotenencias. Asergen, S.C., the largest developer of mini-hydro projects in Mexico, will support the Company with technical and operational assistance. Financial terms of the transaction were not disclosed.
Hidrotenencias currently owns three run-of-the-river hydroelectric projects located in the Chiriqui province, western Panama, with a total capacity of 30MW. Each of these power plants has an installed capacity of 10MW. Its first plant started operations and has been generating since 2008, while two new plants are expected to start operations by the end of this year. In addition to completing the current projects, the Company has an identified pipeline of renewable energy projects to further grow Hidrotenencias in Panama and other countries in Latin America. Banco General, S.A. and Banco Aliado, S.A. provided debt financing in connection with the development of the projects.
“We are very pleased to join ACON and the Hidrotenencias’ local investors to provide clean energy that meets the highest standards for efficiency and protection of the environment to support economic growth in Panama and the region. This partnership will enhance our commitment in the region to promote renewable energy and fight against climate change. The three existing hydro projects will help avoid 60,000 tCO2eq emissions per year.” said Etienne Viard, Chief Executive Officer of PROPARCO. “We are excited to participate in the Hidrotenencias investment which contributes to the expansion of reliable and clean access to energy in Panama. We look forward to continue to support the company in its development into a broader platform for renewable energy generation in the region.” said Jurgen Rigterink, Chief Investment Officer of FMO.
“This partnership with ACON opens an array of opportunities for Hidrotenencias by providing additional capital and experience to expand the portfolio of renewable energy assets throughout the region. We are currently evaluating additional opportunities to achieve this goal.” said Alejandro Hanono, President of Hidrotenencias, who has led the development of the Company since it was founded 8 years ago. “As a committed long-term investor with 16 years of experience investing in Latin America, we believe ACON is an ideal partner as we continue in our path of profitable growth”.
The Woodbridge Group LLC acted as financial advisor to Hidrotenencias on this transaction.
ACON was one of the earliest private equity firms to invest in Latin America and has invested successfully in both energy and energy services, which continue to be ACON’s most significant target sectors both in Latin America and the US. In 2007, ACON invested in the largest manufacturer of electricity transmission towers in the western hemisphere, SAE Towers, which was sold to KEC International in September 2010. In addition, over the last decade, ACON has invested in a number of energy and energy services companies including, Mariner Energy, Signal International, Chroma Oil &Gas, Milagro Exploration, Northern Tier Energy and Saga Resources, among others.
Hidrotenencias is the fourth investment completed by ALAOF, which had a final close in February 2011. In July, ALAOF closed an investment in Grupo SALA one of the largest waste management companies in Colombia. In October 2010, ALAOF completed an investment in Invercap, a holding company that owns and operates one of the leading private pension fund managers in Mexico. Early in 2010, ALAOF made an investment in Credivalores, the largest non-bank consumer lender in Colombia. As part of its investment strategy, ALAOF is actively seeking to complete additional investments throughout Latin America.
ABOUT
ACCON Investments , founded in 1996, is a private equity investment firm focused on the middle market in both the United States and Latin America that has managed approximately $2.25 billion of capital through various funds. ALAOF is ACON’s third institutional pool of capital focused on Latin America. The Fund invests throughout the region with a focus on industries or companies at key inflection points in their development and pursues these opportunities in close partnership with established management teams. Headquartered in Washington, D.C., ACON has offices and investment professionals throughout the Americas including Mexico City and Sao Paulo as well as in Madrid, Spain. www.aconinvestments.com
FMO is the Dutch development bank. FMO supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs. FMO believes a strong private sector leads to economic and social development, empowering people to employ their skills and improve their quality of life. FMO focuses on four sectors that have high development impact: financial institutions, energy, housing, and agribusiness. With an investment portfolio of EUR 5 billion, FMO is one of the largest bilateral private sector development banks. www.fmo.nl
PROPARCO is a Development Finance Institution jointly held by Agence Française de Développement (AFD) and public and private shareholders from the North and South. Its mission is to catalyze private investment in emerging and developing countries with the aim of supporting growth, sustainable development and the achievement of the Millennium Development Goals (MDGs). PROPARCO finances investments that are economically viable, socially equitable, environmentally sustainable and financially profitable. PROPARCO is one of the main bilateral development finance institutions in the world. It invests on four continents encompassing the major emerging countries and the poorest countries, particularly in Africa, and has a high level of requirements in terms of social and environmental responsibility. www.proparco.fr
ASERGEN, based in Mexico City, is Mexico’s leading developer and operator of small hydro projects. Starting in 1999, it has built, operated and sold 3 power plants and has 6 additional plants in various stages of development.
www.asergen.com.mx
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