Financing JESSICA Projects: the cases of Portugal and Andalucía

22 Pages·2012·0.79 MB·English

Brussels, 27 June 2012
Financing JESSICA Projects: the cases
of Portugal and Andalucía

Pedro Couto Nuno Vitorino
Local Officer – JESSICA Holding Fund Portugal Secretary General
JESSICA South Western Unit JESSICA Holding Fund Portugal
JESSICA & Investment Funds Division
European Investment Bank
Agenda
• Portugal and Andalucía
– Structure
– Investment strategies
– Timeline
– Investment Portfolio

• Portugal in more detail
– Investment Portfolio
– Financed Projects
– Increasing attractiveness towards promoters

• Final Remarks
– Stakeholders/National authorities expectations towards project financing through
JESSICA
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Portugal and Andalucía
3
Basic Characteristics
PORTUGAL ANDALUCIA
HF
One HF managed by EIB One HF managed by EIB
6 OPs, 5 Regions (same Axis across Regions) 1 OP, 1 Region, 1 Axis
UDFs
3 UDF 2 UDF
Amount Awarded
130 M€ 80 M€
Co-investment at UDF level
61 M€ 0 M€
Co-investment at Project Level
From the UDF: 144 M€ From the UDF: At least 40 M€
From the project promoter: x2,5 times
Investment strategies (1)
PORTUGAL ANDALUCIA
Final recipients
Public, private or public/private
Investment Typologies
• Urban rehabilitation and regeneration, • Urban infrastructure, including those
including infrastructure and equipment; aiming at improving mobility and utilities and
• Renewable energy and Energy efficiency; also cultural, tourist, social and educational
• Urban economic regeneration, specially infrastructures and the rehabilitation and
regarding SME or innovative companies; upgrading of cultural heritage.
• Communication and Information • Regeneration of derelict industrial areas
Technologies, including broadband and and the creation of facilities for SMEs and
wireless. innovative firms.
Investment procurement
UDFs are responsible for selection and financing of Urban Projects.
UDFs have an open pipeline on a first come, UDFs shall prepare and submit a definitive
first served basis. portfolio of eligible urban projects and
Business Plan within 12 months from the
date of the signature of the Operational
Agreement.
Investment strategies (2)
PORTUGAL ANDALUCIA
Focusing the instrument at HF Level
Regional split of the JESSICA 100M€ OP 60% investments in big cities (>50.000
contribution: inhabitants)
North 30M€ 40% in small/medium cities.
Center 20M€
Lisbon 5M€ Maximum investment of EUR 15 M per
Alentejo 10M€ project in big cities
Algarve 5M€ Maximum investment of EUR 5 M per project
in small/medium cities
Focusing the instrument at UDF level
BPI: Only Loans BBVA: Only Loans
TdP: Only Tourism enhancing investments ACJA: Equity, Quasi-Equity and Loans
Maximum JESSICA investment per
project of 3,5M€
Timelines
Implementation
Andalucía Apr-10 Sep-10 Nov-10 Mar-11 May-11 Oct-11 May-12
Call for EoI
Selection of UDFs
Signature of Oas
Construction of Project Portfolio
Portugal Apr-10 Sep-10 Nov-10 Mar-11 May-11 Oct-11 May-12
Call for EoI
Selection of UDFs
Signature of Oas
Construction of Project Portfolio
Start of Project Financing
Notes:
• Implementation period important to raise awareness from both potential UDFs and
promoters;
• Targeted communication was more effective, by engaging promoters (increasing demand
side of this instrument) before talking with potential UDF promoters (increasing demand
for the management of this financial engineering instrument).
• Andalucía project procurement strategy allowed for closed fund approach.
Project portfolio at 31.05.2012
a) Pipeline per typology of project (number of projects ):

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Project portfolio at 31.05.2012
a) Pipeline per typology of project (amounts in M€):

Notes:
• Very high demand for touristic accommodation in Portugal.
• Andalucía shows a more balanced procurement across sectors.
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Portugal in more detail
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