Spotlight On...
Project Finance SPOTLIGHT ON...
Conrad Hefer, CRESCO
“Our purpose is to create and unlock wealth for our clients by optimising the funding and financial structuring of projects and by taking advantage of specific commercial opportunities that become available in the market.”
C Q
RESCO’s Managing Director, Conrad Hefer, is a multi-skilled project financier with 17 years experience. His strengths lie in analysing commercial issues and the
impact on the project structuring. He also has strong skills in treasury functions, specifically in considering the impact of currency hedges and other instruments in mitigating ongoing local currency deterioration, which is an identified risk in the project. Conrad is active as a consultant, advisor and dealmaker in the project finance and structured finance market, which also involves advising clients on utilizing ECA and credit insurance products. He is experienced in beneficiation, mining, agriculture, tourism and infrastructure projects and has back office experience including post closure support of transactions.
What more can you tell us about Cresco?
The Project Development Continuum, from concept through feasibility studies, finance structuring, funding and construction to operation, is a complex, intricate
and multi-staged process where the
promoter and other project stakeholders require continuous specialist support.
Established in 2005 on a philosophy of entrepreneurial thinking, we offer our clients advice on niche project finance solutions and provide transactional, project development and implementation support outside of traditional balance sheet finance options.
Our purpose is to create and unlock wealth for our clients by optimising the funding and financial structuring of projects and by taking advantage of specific commercial opportunities that become available in the market.
At CRESCO we leverage off our core financial, legal and technical knowledge, skills and experience to
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guide a project through to successful implementation. By combining the experience and individual strengths of our multi-skilled team, we strive to offer a service that will assist clients in developing bankable projects, facilitating the successful raising of capital, timeous financial and technical close and ultimately the effective execution of a project; provide effective systems for loan drawdown through the funding phase of a project, as well as ongoing back office and administrative support for debt management and repayment; and support clients to create value in private equity opportunities.
Q
Recent years have been tough on companies and economies, globally; how has this impacted project finance?
The downturn in liquidity and market risk appetite really put a crunch on the availability of funding, which to an extent made our lives more difficult. However, certain aspects of the downturn actually put an emphasis back on to project finance. In the heydays of the economic boom, there was so much liquidity splashing around the market that industries were actually spoilt for choice when it came to funding. Following the crunch, the best way to facilitate liquidity or investment for these projects is via project finance, meaning we’ve had a lot of interest in our services.
Nevertheless, at the moment we’re competing with quite an abnormal project finance landscape, what with South Africa’s renewable energy developments, which is keeping us extremely busy.
Q
What sources are available for project finance?
A logical space to pursue finance is, of course, commercial banks,
but it is obviously quite
challenging to get these bodies to commit to a project. Financial crises in any part of the world will often put limitations on the ability of banks from affected regions to embrace a project, and so the task lies in finding a bank with an appetite for long term project finance.
One aspect of project finance that we specialise in is the ECA (Export Credit Agency) side, which is still one of the better credit enhancements that can be accessed on the back of capital goods. The ECA is an often crucial support to the project finance structure.
Q
Where does CRESCO’s experience and expertise lie?
Our team has vast experience in Project Finance, Project Structuring, Finance Raising, Financial Modelling, Export Credit Facilities and Political Risk Insurance, with team members emanating from development institutions, international auditing firms and investment banks.
Although underpinned by strong credentials in the commodity and energy sectors, we do not restrict our focus to specific industries.
Recent and current CRESCO projects extend over a wide range of industries, including mining, energy, process engineering, petroleum pipeline, paper and pulp, mass rail transport, fresh produce and telecoms.
Contact Conrad Hefer
Email:
info@crescopf.co.za Web:
www.crescoprojectfinance.co.za
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