santander project finance energy may 2010 global...

Santander Global Banking & MarketsProject and Acquisition Finance – Energy Overview and Credentials

May 2010

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Important Notice

This document was prepared by Banco Santander S.A. (“Santander”) and is solely for informative purposes and may only be used as a working document for discussion. Santander takes no responsibility whatsoever for any consequences that could derive from its distribution or use for purposes or objectives other than for information purposes.

This document may not be used, broadcast, quoted or used in any way with any other purpose nor may it be published or included in any document whatsoever without our prior written consent.

Santander accepts no responsibility whatsoever in relation to a possible independent verification of all or part of the information provided, which has been assumed to be correct and accurate. Consequently, no type of manifestation or guarantee, either explicit or tacit, is formulated in respect of the veracity, accuracy, comprehensiveness, sufficiency or correctness of the information provided for the opinion contained in this document and, thus, neither Santander nor any of its subsidiaries or associates, administrators, members, managers or employees assume any responsibility whatsoever for any loss or claim that might derive from any use of this document or its contents or arise in relation to this document in any other manner.

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Contents

Santander overview and Project Finance capabilities

Alternativas de Financiación: aspectos a tener en cuenta.

Selected credentials

Contact details

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~90 million clients in over 40 countries

One of most geographically diversified banks with a particularly strong footprint in Europe and Latin America

#3 bank worldwide by income 9% growth in 07-08 and 1% in 08-09

#7 bank worldwide #1 bank in Eurozone

Acquisitions during 2007-2008 totaling $32 billion: Sovereign (US), ABN Real (Brazil), GE Money (Europe), Bradford&Bingleyand Alliance&Leicester (UK)

Income 2009 ~$12.1 billion

Market capitalization

~$115.3 billion*

Solid growth strategy based on

selective acquisitions and organic growth

Santander Group Overview

* Market capitalization as of March 9, 2010

Best Bank in the World 2009

World’s Best Bank 2008

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*Source: Financial data disclosed by banks and Bloomberg estimations

Solid financials

Strong balance sheet

Sustained dividendretribution and total return of shareholders

Greater diversificationand business portfoliopotential

2008-2009: a very complex period for global banking…

Economic contraction

Volatility of financial markets

Scarce and costly liquidity

Banking crisis: bankruptcies/ nationalizations

…in which Santander has manage to grow…

Top 10 Worldwide by Income, 2009E (EUR bn)*

…retaining and improving its position as a leading global bank

During the current complex economic environment, Santander has managed to outperform its peers

4.9

5.4

5.7

6.0

5.0

8.4

8.8

8.9

11.5

13.4ICBC

CCB

SAN

GS

BoC

JPM+WaMu

HSBCWfargo+

Wachovia

BNPCredit Suisse

Santander’s performance during the 2008-2009 period

6

Santander Global Banking & Markets is divided up into two segments:

- Client Coverage

- Products

Global Client Relationship

Corporate FinancePr

oduc

t Are

as

Credit

Rates

Equity

Transaction Banking

EMEA

Nor

th A

mer

ica

Latin

Am

eric

a

Global coverage Relationship-driven strategy Teams led by Senior Bankers together with product specialists and risk analysts Santander combines local knowledge of regional team with global expertise of industry sectors

Santander Global Banking and Markets is the division focusing on global products

Credit products include Loans (corporate and non-recourse) and Debt Capital Markets

Within each of theproducts, Santander combines global knowledge withsector expertise

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Source: Infrastructure Journal, 2009

Global Western Europe

Santander Global Banking & Markets has built a leadingProject Finance franchise

Project Finance banks ranking2009, US$m

Outperformed its peers in both number of transactions and financing amounts Consistently ranked among the leading project finance banks in the last 5 years (and never below 3rd)

2,146

2,176

2,228

2,450

3,001

3,189

3,215

3,382

3,433

4,468Calyon

Grupo Santander

BBVA

BNP

SMBC

Société Générale

WestLB

Caixa Geral de Depósitos

State Bank of India

BOTM 891

954

990

1,040

1,123

1,186

1,349

1,866

1,961

2,184Grupo Santander

Caixa Geral de Depositos

BBVA

Barclays

La Caixa

Caja Madrid

Calyon

Banesto

Société Générale

Espirito Santo

Project Finance banks ranking2009, US$m

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Source: Infrastructure Journal

WIND: Santander has participated in the financing of wind projects for an accumulated capacity of 6,500 MW underwriting more than €3 billion; currently working in projects in more than 12 different countries: US, Spain, UK, Brazil, Portugal, Germany, France, Mexico, US, UK and Italy

PHOTOVOLTAIC: We have participated in the financing of Photovoltaic Solar Power projects for an accumulated capacity of 230MW, underwriting more than €1.4 billion in the sector

CONCENTRATED SOLAR POWER: Santander is the leading underwriter of Concentrated Solar Power, leading the financing of projects for an accumulated capacity of 714MW; pipeline exceeds 500MW

Global Renewable Energy LeadershipGlobal Renewable Energy 2009Top 10 Worldwide, 2009 (US$m)

696

749

787

795

946

1,126

1,138

1,376Santander

BBVA

HSH

Caja Madrid

Banesto

La Caixa

Dexia

Espirito Santo

In Renewable Energy, Santander has become the world’s leading project finance bank

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Contents




Contact details

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Financiación de Proyectos


Cobertura con CESCE (Renovables)

Limitación del funding en moneda local (cross border).

Coste y plazo de las coberturas de divisas

Condiciones espécificas del mercado:

Plazos de financiación: < 7 años

Demás términos y condiciones

Profundidad del mercado: nº de bancos

Provisiones por Riesgo País de Banco de España: Marruecos (Grupo 3: 10,1%)

Excelente relación con Attijariwafa Bank

Uno de los productos que proporciona CESCE (Riesgo Estado Español) a empresas españolas con la intención de captar financiación en sus exportaciones y proyectos en el extranjero, es la cobertura de riesgos políticos y comerciales que proporciona a los Bancos en sus Préstamos.

Cobertura como máximo del 85% del importe de los bienes y servicios exportados (españoles y extranjeros incorporados).

Condiciones que han de tener los préstamos:

Dos estructuras de amortización a elegir: Cuotas de principal constantes o Cuotas de principal + intereses constantes. (No Taylor Made).

Plazo máximo: 18 años (v.m. 11 años)

CESCE puede proporcionar coberturas atractivas entre un 80% - 99% de riesgos comerciales (caso impago) y políticos.

CESCE exige el pago de una prima con pago upfront, que varía en función del plazo y el porcentaje de cobertura.

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Contents




Contact details

12Transactions 2010

MANDATED LEAD ARRANGER

Construction and operation of a 50MW CSP Plant

SYNDICATED FACILITY€289 Million

2010

ASTEXOL 2

2010

FOTOWATIO FIUMICINO

€ 38 Million

Construction and development of 9,9 MW photovoltaic Solar

Power

SYNDICATED FACILITY


2010

ALTA WIND I – FIRST PHASE

$395 Million

Construction and operation of a 150MW wind farm

SYNDICATED FACILITY

ARRANGER

Construction and operation of 48 MW Wind Farm Project

SYNDICATED FACILITY€ 58 Million

2010

MONTEGORDO


Concentrate Solar Power

Wind

Photovoltaic

2010

CEDRO HILL

US$161 Million


150MW of wind power in North Dakota and Iowa

2010

PROJECT ORION

€140 Million

Construction and development of a 28MW photovoltaic portfolio

SYNDICATED FACILITY


2010

PROYECTO MALPARTIDA

€ 37 Million

Construction and development of 11 MW photovoltaic Solar Power

SYNDICATED FACILITY




2010

GECALSA – FIRST PHASE


2010

ENEOP II

US$ 410 Million

483 MW of wind power in Portugal

13Wind Power Financing – Selected Transactions (I)

2009

Acciona Eólica Levante

€ 242 Million


174 MW of wind power in Spain

Acuerdo MARCO IV

296 MW

€ 322 Million


2009

Co-Documentation Agent, Joint Bookrunner & Joint Lead Arranger

Milford Corridor Phase I 203.5MW

US$ 376 Million

20092009

GBP 340 Million

Refinancing of 194MW offshore windfarms & financing of a 26MW onshore windfarm

Project Boreas

MANDATED LEAD ARRANGER, SWAP & NARKET COORDINATOR

2009

Ashtabulah and Story

US$ 330 MillionMANDATED LEAD ARRANGER &

BOOKRUNNER

300 MW of wind power in North Dakota and Iowa

Construction and operation of a 203.5 MW wind farm

€ 260 MillionMANDATED LEAD ARRANGER & CO-DOCUMENTATION AGENT

2009

2010

ALTA WIND I – FIRST PHASE

$395 Million

Construction and operation of a 150MW wind farm

SYNDICATED FACILITY

ARRANGER



2010

MONTEGORDO


Fowler Ridge I

PF North America Renewable Deal of the Year

PFI European Renewable Deal of the Year

2010

CEDRO HILL

US$161 Million


150MW of wind power in North Dakota and Iowa

2010

ENEOP II

US$ 410 Million

483 MW of wind power in Portugal

MANDATED LEAD ARRANGER & BOOKRUNNER

14Wind Power Financing – Selected Transactions (II)

2007

Sand Bluff Wind Farm

US$ 167 Million

LEAD ARRANGER

90 MW of wind power in Texas

SYNDICATED FACILITY

2007

Global Portfolio

€ 1,030 Million

ARRANGER

Refinancing and finacing of 1450 MW of wind power

SYNDICATED FACILITY

Project Kallista: acquisition of B&B’s Spanish wind portfolio

€ 510 Million

MANDATED LEAD ARRANGER & SOLE BOOKRUNNER

2008

2008

€ 500 Million

Refinancing 436.4MW of wind power and financing of

33.2MW mini-hydro assets


Gestamp - Inveravante

Acquisition of 135 MW from Gamesa

€ 183 Million


20092009

Lost Creek

US$ 232 Million

Financing of 150MW in Missouri, USA

CO-DOCUMENTATION AGENT & MANDATED LEAD ARRANGER

2009

Bons Ventos – Wind Farm

US$ 315Million

Project Finance Facility for 4 Wind Parks


2006

RENOMAR

€ 900 million

Greenfield development of 1.000 MW in the South of Spain

SYNDICATED FACILITY


2009

Pedra do Sal – Wind Farm

US$ 40Million

Project Finance Facility

SOLE FINANCIAL ADVISOR

2008

Wind Farm of Beberibe

US$ 55Million

Project Finance Facility for a Wind Park


15Wind Power Financing – Selected Transactions (II)

2006

Brandenburg

€ 181 Million


Acquisition of 165 MW of wind (greenfield and brownfield)

SYNDICATED FACILITY

2006

€ 109 Million


Acquisition and Construction of 77.7 MW of wind power

SYNDICATED FACILITY

Project France – Wind Farm

2006

Ventos do Sul – Wind Farm

US$ 268 Million

SYNDICATED FACILITY

2006

Wind Farm (49,3MW)

US$ 78 Million


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2007

SOLNOVA 1 and 3

€ 461 Million

Construction and development of 100 MW Parabolic Trough Solar

Power FacilitiesSYNDICATED FACILITY


€ 43,6 Million Equity Bridge

€ 198,5 Million Senior Debt

2008

ALVARADO


Construction and development of 50 MW CSP Facility

SYNDICATED FACILITIES

€ 220 Million

2008

SOLNOVA 4


Construction and development of 50 MW Parabolic Trough Solar

Power FacilitySYNDICATED FACILITY

Concentrated Solar Power / Thermosolar

€ 235 Million

2008

MANCHASOL I


Construction and development of 50 MW of CSP in Ciudad Real


€ 290 Million

2009

MANCHASOL 2




€ 290 Million

2009

EXTRESOL 2



SYNDICATED FACILITIESConstruction of two 50 MW CSP

plants€ 570 Million

2009

ARCOSOL Y TERMESOL

PF Europe Clean Technology Deal of the Year 2009

MANDATED LEAD ARRANGER, SWAP, MODEL & MARKET

COORDINATOR

PFR Best Renewable Project Finance Deal

2007

NEVADA SOLAR ONE

US 140 Million

Leverage Lease

SYNDICATED FACILITY


€186 Million Equity Bridge

€540 Million Senior Debt

2009

PALMA - SAETILLA -MAJADA


Construction and development of 150 MW CSP Facility

SYNDICATED FACILITIESConstruction and operation of

a 50MW CSP Plant


2010

ASTEXOL 2


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€ 50 Million Equity Bridge

AMPER SOLAR - MOURA

2008

€ 208 Million Senior Debt


46 MW of Photovoltaic solar power


2009

Fotowatio Fototre

€ 20 Million


SYNDICATED FACILITY

2009

ALHAMA

€ 36 Million


SYNDICATED FACILITY

2009

MAGTEL

€ 34 Million

Construction and development of 5,6 MW Photovoltaic Power

SYNDICATED FACILITY

2009

Project Lorenzo

€ 70 Million

Refinancing of a 14.7MW solar PV portfolio

SYNDICATED FACILITY


Construction and development ofa PV plant in Tenerife (9,4 MW)

€ 70 MillionMANDATED LEAD ARRANGER

& BOOKRUNNER

2009

Arico PV

Construction and Development of 16 MW PV

Solar Project

€ 76 Million

2009

VALTIERRA II Y TORDESILLAS

MANDATED LEAD ARRANGER, TRANSACTION COORDINATOR

Photovoltaic – Selected Transactions (I)

2010

FOTOWATIO FIUMICINO

€ 38 Million

Construction and development of 9,9 MW photovoltaic Solar

Power

SYNDICATED FACILITY


2010

PROJECT ORION

€140 Million

Construction and development of a 28MW photovoltaic portfolio

SYNDICATED FACILITY


2010

PROYECTO MALPARTIDA

€ 37 Million


SYNDICATED FACILITY


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SOL DE VINALOPÓ (II)

2007

€ 118 Million


Refinancing of 12 MW and financing of 8 MW of greenfield

photovoltaic solar power

SYNDICATED FACILITY

2006

FOTOWATIO – La Magascona

€ 180 Million


SYNDICATED FACILITY


2007

FOTOWATIO – Olmedilla

€ 80 Million


SYNDICATED FACILITY


2007

FOTOWATIO – San Serván

€ 85 Million


SYNDICATED FACILITY


HERENCIA Y ABENOJAR

2008

€ 66,5 Million


9,4 MW of Photovoltaic solar power

SYNDICATED FACILITY

2007

FOTOWATIO – Magasquilla

€ 86 Million


SYNDICATED FACILITY


2008

ORTIZ

€ 56 Million

Construction and development of 7,2 MW photovoltaic Solar Power

SYNDICATED FACILITY


2009

Alten - Pozosol

€ 22 Million

Construction and development of 3 MW Photovoltaic Power

SYNDICATED FACILITY

ADVISOR & MANDATED LEAD ARRANGER

Photovoltaic – Selected Transactions (II)

2009

OPDE Valtierra

€ 21 million

Financing of the construction and operation of a 3MW PV

Solar plant

MANDATED LEAD ARRANGER & BOOKRUNNER

2006

Gesfesa- Sol de Vinalopó

€ 50 Million


12 MW of photovoltaic solar power

SYNDICATED FACILITY

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Conventional Power – Selected Transactions

€ 50 Million

2009


NATURENER MINIHIDRO

REFINANCING LOAN

US$ 1,262 Million

2009

ARRANGER

ASTORIA II

550MW CCGT powerplant in Queen’s NY

PFI North AmericaPower Deal of the Year

Construction and Operation of a 480MW CCGT Plant in

Sicily


2009

NUCE


2009

US$ 93 Million

PROJECT FINANCE FACILITY


Transmission Line

US$4.700 Million

2009

UHE Santo Antônio



2009

US$ 67 Million



Transmission Line

2009

US$ 54 Million



Thermoelectric Plant

2009

US$ 43 Million



Thermoelectric Plant

2009

US$ 152 Million



Transmission Line (ATE IV, V, VI, VII)

2009

US$ 62 Million



Tranmission Line

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US$ 315 Million

2007


Hydroelectric Power Plant


2007

US$ 900 Million

SYNDICATED LOAN FACILITY


La Yesca

€ 557 Million836 MW

2008

TEJO ENERGIA II


US$ 113 Million

2007



US$ 325 Million

2007

CO-LEADER ARRANGER

Subscription of Domestic

Commercial Papers

2008

US$ 270 Million



10 PCHs

2008

US$ 105 Million



UHE Retiro Baixo

2009

US$ 17 Million



UHE Retiro Baixo

2008

US$ 205 Million



Transmission Line (ATE III)

US$ 112 Million

2007


4 Small Hydroelectric Power Plant


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2 Small HydroelectricPower Plants

2007

US$ 38 Million

SENIOR AND SUBORDINATED LOAN FACILITY


US$ 306 Million

IIDB Loan Facility

2006

ATE iI

MANDATED LEAD ARRANGER & FINANCIAL ADVISOR

US$ 26 Million

2007


2 Small HydroelectricPower Plants

SUBORDINATED LOAN

Refinancing Combined Cycle Portfolio

2006

US$ 65 Million



2004

US$ 900 Million



EL CAJONHydroelectric Complex

US$ 110 Million

IIDB Loan Facility

2006

ATE II

MANDATED LEAD ARRANGER & FINANCIAL ADVISOR

2006

US$ 470 Million

BNDES Onlending

13 Small Hydroelectric Power Plants


US$ 280 Million

2006


CIEN REFINNACING

REFINANCING LOAN

IBEREMEX refinancing Combined Cycle Portfolio

2006

US$ 1.700 Million



2006

US$ 135 Million

IFC LOAN FACILITY

CGTFECombined Cycle Power Plant

ARRANGER

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Transmission Line

2005

US$ 35 Million

BNDES Onlending

FINANCIAL ADVISOR

US$315 Million

BNDES Onlending

2004

Transmission Line

FINANCIAL ADVISOR

US$100 Million

2005

FINANCIAL ADVISOR

Transmission Line

BNDES Onlending

Hydroelectric PowerPlant

2003

US$115 Million

Debentures

FINANCIAL ADVISOR

Transmission Line

2004

US$ 135 Million

BNDES Onlending

FINANCIAL ADVISOR

2004

US$ 76 Million

BNDES Onlending

Transmission Line

FINANCIAL ADVISOR

2004

US$ 85 Million

BNDES Onlending

Transmission Line

FINANCIAL ADVISOR

US$20 Million

2006


Hydroelectric Power Plant

Subordinated Loan

23

Contents




Contact details

24Contact Details

Daniel MachucaVice-President Energy +34.91.289.16.30+34.91.257.16.17

[email protected]

Antonio García MéndezManaging Director - Sector HeadEnergy +34.91.289.11.00+34.91.257.16.17

[email protected]

Gonzalo Segovia AssociateEnergy +34.91.289.10.97+34.91.257.16.17

[email protected]

Pablo Sainz de la MazaVice-PresidentEnergy +34.91.289.35.55+34.91.257.16.17

[email protected]

Julio Ruiz de AldaVice-PresidentEnergy +34.91.289.10.16+34.91.257.16.17

[email protected]

ENERGY TEAM

Miguel Morales AssociateEnergy +34.91.289.18.75+34.91.257.16.17

[email protected]

Miguel SolanaVice-PresidentEnergy +34.91.289.19.34+34.91.257.16.17

[email protected]

Guillermo HombravellaVice-President Energy +34.91.289.10.88+34.91.257.16.17

[email protected]

Javier JiménezAssociateEnergy +34.91.289.17.54+34.91.257.16.17

[email protected]

Inocencio FigaredoAssociateEnergy +34.91.289.11.22+34.91.257.16.17

[email protected]

Romina VenturaAnalystEnergy +34.91.289.13.80+34.91.257.16.17

[email protected]

Fernando GarachanaVice-PresidentEnergy +34.91.257.20.88+34.91.257.16.17

[email protected]

Rafael Gomez-JordanaDirectorArea Norte de Africa+ 3491 2890166+ 34 615909213

[email protected]

santander project finance energy may 2010 global...

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