Howard Matz has more than 30 years of experience with energy and infrastructure projects. He structured and executed over $8 billion of acquisitions and transactions. He has experience with every major type of renewable energy and fossil fuel.
Principal member of the development team. He led the structuring and execution of financing. The Overseas Private Investment Corporation of the United States (OPIC) provided financial support and political risk insurance.
Mr. Matz led negotiations of the commercial agreements, including the 15-year power purchase agreement (PPA) with the Bangladesh Power Development Board. The PPA mitigates currency risks and is backed by a sovereign guarantee from the Republic of Bangladesh.
Arranged the $1 billion non-recourse credit facility to support the $1.5 billion acquisition. Barclays Capital underwrote the entire senior secured loan facility and the unsecured high-yield rated notes. The senior facility covered the term loan, letter of credit, and working capital.
The project assets included power purchase agreements, offtake agreements, tolling agreements, and other complex commercial agreements. The more esoteric assets included financial hedges and Reliability Must Run (RMR) agreements.
Led the development, structuring, and financing of the project. He successfully implemented a novel and complex financial structure that won industry awards. The loans were guaranteed by OPIC and the Export-Import Bank of the United States (EXIM).
The project was the first independent power producer (IPP) in the Philippines; the first IPP in Southeast Asia selling baseload power; and the first IPP in an emerging market financed without sovereign credit support.