Who do we
work for?
Three client groups make up our day-to-day work. Our commitment to all three allows us to anticipate the cross-cutting questions raised by every stakeholder in a transaction, throughout the life cycle of a PPP-type project.
You are a private sponsor, a fund, a developer or a bank
Industrial groups, major construction companies, operators, infrastructure funds, consortia bidding for a public contract in France or internationally. You need a financial partner with solid project finance expertise who understands public-sector counterparties.
Our services
PRIVATE-SECTOR ADVISORY
Financial advice to bidding consortia, from bid submission to signature
Tailor-made modelling to ease the audit and understanding of the project
Identification of risk areas and optimised risk allocation between stakeholders
Review of contractual documents and set-up of subcontracts
Project management and coordination of all parties (design team, operator, maintenance contractor)
DEBT AND EQUITY FINANCIAL CLOSE
Raising equity and bank debt
Building and managing pools of commercial and institutional lenders
Financial structuring and modelling that meet lenders’ requirements
Financing optimisation and sensitivity testing
Use of suitable instruments (grants, guaranteed and project debt, equity, bonds)
Management of foreign-exchange and energy price risks
MODEL AUDIT
Review of the logical integrity, internal consistency and accuracy of formulas, macros and calculations
Verification of the model’s results and scenarios
Review of how all assumptions are taken into account
Detailed cell-by-cell analysis combined with a high-level check of the results
Operational model audit: transition from the financial close model to the operational model, compliance with the financing documentation
Recommendations on structuring, additional sensitivities and model optimisation
EQUITY INVESTMENT AND SPV MANAGEMENT
Financial and administrative management of project companies (outsourced CFO)
Reporting to lenders, shareholders and stakeholders
Tax treatment (corporate income tax, VAT, group structure)
Management of amendments, terminations and refinancings
Preparation of investment committees (go/no go)
Equity co-investment in selected projects
Our added value
Our work for private-sector players mirrors the support we provide on the public side. Drawing on experience on both sides and on our knowledge of the lender environment, we offer a cross-cutting approach that anticipates the sticking points and negotiating positions of a wide range of players.
We adapt to our client’s needs in order to represent and support them from bid submission through financial close to the operational monitoring of the SPV.
Our key credentials
01
FINANCIAL ADVISER TO THE WINNING CONSORTIUM FOR THE NANCY-CONTREXÉVILLE REGIONAL RAIL LINE
GRAND EST REGION
RAIL CONCESSION
02
SPONSOR-SIDE FINANCIAL ADVISER FOR THE STRUCTURING OF THE BOUILLANTE GEOTHERMAL PROJECT
SPONSOR
PPA
03
MODEL AUDITS FOR SPIIT (ROLLING-STOCK SPL OF THE OCCITANIE, NOUVELLE-AQUITAINE AND CENTRE-VAL DE LOIRE REGIONS)
ROLLING-STOCK SPL
MODEL AUDITS
04
MODEL AUDITS FOR AIRPORT PROJECTS (CAYENNE, TAHITI, …)
SPONSOR
CONCESSION
