Solutions for

growing economies

Energy, Transport

CPCS Transaction Advisory Services

We Are Your Trusted Infrastructure Transaction Advisor

Today, public and private sector decision makers the world over are faced with challenging decisions that can represent
transformative opportunity or untenable risk. More than ever, hiring a trusted transaction advisor with a proven track
record is essential to harnessing the full potential of these complex transactions.
The CPCS Transaction Advisory Team has advised Governments in over 80 countries on how to increase private sector
participation in infrastructure. Our Team is renowned for our role as lead transaction advisors for engaging the private
sector in the sale of shares, lease or concession transactions (including build-operate-transfer (BOT), build-own-operatetransfer (BOOT) and build-own-operate (BOO) projects) in the energy, port, marine, rail, urban transit, automotive,
agricultural and revenue collection sectors.
Our experience advising both public and private sector clients combined with our broad in-house expertise has made
CPCS a trusted advisor to governments, public institutions and private sector investors interested in pursuing infrastructure PPP opportunities.

www.cpcs.ca

Transaction advisory services for the public sector to engage private investors
Bid management services for Investors
Identifying optimal capital structures and financing strategies for PPP projects
Securing financing for infrastructure projects
Valuation and business modelling

Energy
Value of
Transaction
(US$ million)

Year of
Close

Privatisation of Afam Power

Plc. Generation Company

260 (est.)

Ongoing

Privatisation of Kaduna
Electricity Distribution
Company

163 (est.)

Ongoing

Privatisation of Sapele Power

Plc. Generation Company

201

2014

Privatisation of 4 Generation
Companies created out of the
Power Holding Company of
Nigeria (PHCN)

781

2013

Project

Country

Nigeria

Services Provided
This is the largest electricity unbundling and privatisation/PPP and reform
project to be undertaken in Africa.
CPCS worked hand-in-hand with the Federal Government as its transaction
advisor in every aspect of this sale. CPCS carried out the due diligence
review, developing detailed privatization plans for each of the successor
companies. We also advised on and assisted in implementing various reform
measures to the electricity sector of Nigeria to support the new commercial
framework, including the drafting of Power Purchase Agreements,
Transmission Agreements and Performance Agreements to allow the
government to monitor the long term performance of the private sector
and ensure they maintain their investment commitments. CPCS was
responsible for administering the entire privatisation transaction, including
responding to thousands of investor inquiries, evaluating proposals
received, leading the negotiations with preferred bidders, and assisting the
government in completing the sale and handing over companies to the
private investors.
6 Generation Companies: Geregu Power Plc., Ughelli Power Plc. , Kainji
Hydro Electric Plc., and Shiroro Hydro Electric Plc, Sapele Power Plc. And
Afam Power Plc.

Privatisation of 10 Distribution
Companies created out of the
Power Holding Company of
Nigeria (PHCN)

www.cpcs.ca

1,256

2013

11 Distribution Companies: Abuja Electricity Distribution Company, Benin

Electricity Distribution Company, Eko Electricity Distribution Company,
Enugu Electricity Distribution Company, Ibadan Electricity Distribution
Company, Ikeja Electricity Distribution Company, Jos Electricity Distribution
Company, Kaduna Electricity Distribution Company, Kano Electricity
Distribution Company, Port Harcourt Electricity Distribution Company, Yola
Electricity Distribution Company

Energy
Project

Privatisation of 10 National
Integrated Power Project
(NIPP) Generation Companies

Privatisation of Egbin Power

Plc. Generation Company

Value of
Transaction
(US$ million)

Year of
Close

Country

Services Provided

>5,500

Ongoing

Nigeria

CPCS is providing advice on the transaction process covering issues of EOI

and RFP, conducting investor market sounding studies and promoting the
project through road shows. CPCS is also assisting with bidders responses
and in the selection of preferred bidders, developing the transaction
document and in the closure and handover of the facilities to the new
owners.

407

2013

Nigeria

CPCS was contracted by the Bureau of Public Enterprises in order to provide

advisory services on the finalisation and handover of facilities to the
Preferred Bidder, Korean Electricity Power Resources Ltd., identified in 2007
as part of a procurement exercise.

Year of
Close

Country

Services Provided

Ongoing

Philippines

CPCS is lead advisor to establish the viability of the MVIS Project as a PPP
project under the BOT Law of the Philippines, and assuming viable, to
prepare bid/tender documents and provide transaction advisory support
during the bidding process until financial close of the project.

Energy Total: $8.5 billion

Other
Project

Transaction Advisory for

Motor Vehicle Inspection
System (MVIS) Project

www.cpcs.ca

Value of
Transaction
(US$ million)
TBD Project
ongoing

Rail
Value of
Transaction
(US$ million)

Year of
Close

Country

Services Provided

Integrated Luzon Railway

Transaction Advisory Project

TBD Project
ongoing

Ongoing

Philippines

CPCS is the lead transaction advisor to undertake pre-investment studies to

assess the feasibility of rehabilitating the Integrated Luzon Railway as a PPP
project; to optimally structure the project as a PPP and provide transaction
support through the tender and negotiation processes.

LRT1 Extension to Dasmarias,

Cavite Transaction Advisory
Project

TBD Project
ongoing

Philippines

CPCS is the lead Transaction Advisor for this project and currently working
to determine the viability of the LRT1 as a PPP Project under the BOT Law of
the Philippines. If the LRT1 is determined to be viable as a PPP, CPCS will
assist the Government of Philippines in all stages of the implementation of
the PPP up to and including final negotiations with the successful bidder to
transaction closure.

Jordan

CPCS is the lead advisor on this project to prepare and implement a PPP
transaction to develop and operate a national railway network in Jordan.
The assignment is divided into three main phases: (i) Transaction
Preparation, (ii) Transaction Implementation and, (iii) Support to
Transaction Negotiations.

Project

Transaction Advisory Services

for the Development of a
National Railway Network via
PPP

Lagos Light Rail Mass Transit

Blue Line Design-Build and
PPP Concession

Transaction Services for

Implementing Armenian
Railway Concession

Transaction Advisor for the

Concessioning of the Tanzania
Railways Corporation

www.cpcs.ca

TBD Est.
$2.8 Billion

Ongoing

Ongoing

Est. $2 Billion

Ongoing

Nigeria

CPCS was retained by the local implementing agency to provide transaction

advisory services for this proposed urban rail mass transit line the Blue
Line. CPCS designed a procurement strategy for Design/Build contractors
and a PPP strategy for the operating concessionaire. CPCS will assist with
negotiation with the successful bidders.

150

2008

Armenia

CPCS was retained to advise the Government of Armenia on the PPP

concessioning of the state-owned Railway. CPCS assisted the Government
throughout negotiations and asset handover.

Tanzania

CPCS provided legal, commercial, rail management and investment banking

advisory and support services to the Government in carrying out the
transaction to concession the TRC rail operations. The Concession was
successfully awarded for a period of 25 years however the concession,
51% owned by Rites of India, has experience problems due to severe
weather damage to the track. The Government of Tanzania, 49% owners of
the concession, continues to be involved in the operations of the railway.

2,500

2007

Rail
Value of
Transaction
(US$ million)

Year of
Close

Country

Services Provided

Development of AmmanZarqa Light Rail BOT

300

2008

Jordan

CPCS was lead advisor to assist with attracting investors to build, operate
and transfer a light rail system in Jordan. This was the first urban rail PPP to
reach commercial close in the Middle East.

Concession and Restructuring

of the Nigerian Railway

380

2007

Nigeria

CPCS was engaged as Lead Advisor for the introduction of PPP in the Nigeria
Railway Sector. CPCS assisted the Government in negotiating and closing
the concession for the Central Railway Line.

Project

Transaction Advisor for

Concession of the Dakar Bamako Railway

620

2006

Senegal & Mali

CPCS was lead Transaction Advisor for the development and

implementation of the concession of the Dakar - Bamako international
railway corridor. CPCS formulated an analysis of the various concession
structures available and recommended the preferred concession strategy.
CPCS oversaw the finalization of the transaction including negotiations with
the selected bidder.

Transaction Advisor
Concession of Zambia
Railways

480

2004

Zambia

The Zambia Privatization Agency appointed CPCS to recommend the PPP

strategy, prepare the railways for privatization, and manage the concession
transaction. CPCS assisted the Government of Zambia in successfully closing
the Zambia Rail Concession in 2004.

Uganda

CPCS assisted the potential private operator to prepare a detailed business

plan for the operation of Uganda Railways under a concession structure.
We developed a detailed financial and railway operating model and
prepared a series of plans for the potential private operator: staffing and
management plan, train operating plan, marine operating plan, mechanical
and civil maintenance plans, and investment plan.

Malawi

CPCS reviewed the legal and regulatory environment, determined the level
of regulation required for the railway, and developed the appropriate
regulatory structures and policies enabling the existence of a privatized
railway. CPCS also identified possible models for regulation of the private
rail operator. CPCS developed a privatization strategy and implementation
action plan. We trained key stakeholders on the execution of the
implementation plan and recommended the most desirable option for
privatization based on the GOM criteria.

PSP Study & Business Plan

Development for Uganda
Railway Corporation

Implementation of a
Concession Structure for
Malawi Railways

www.cpcs.ca

350

400

2002

2006

Rail
Project

Transaction Advisor for the

Concessioning of Malagasy
Railways

Value of
Transaction
(US$ million)

120

Year of
Close

2001

Country

Services Provided

Madagascar

CPCS prepared and managed the concession agreement and bidding

documents and assisted in the transaction of the concession. CPCS
assisted the government in finalizing negotiations with the bidder
(Comazar). The Concession Agreement was signed in October 2002 and
rehabilitation of the network began the following month.

Rail Total: $10.7 billion

Ports
Project

Value of
Transaction
(US$ million)

Year of
Close

Country

Services Provided

Transaction of Ports Authority

Container Terminal /
Operations

120 (est.)

Ongoing

Kenya

CPCS is engaged to provide a strategic assessment and transaction advisory

services to enable the Privatization Commission in Kenya to prepare a
detailed proposal in regards to three port sector PPP transactions.

Concessioning of the
Container Terminal in Liberia

120

2011

Liberia

CPCS was the lead advisors overseeing a 25-year PPP concession for the
development and operation of the Port of Monrovia. As part of the PPP
concession agreement, the private sector will invest around $120-million
(USD) over the life of the 25-year concession.

Sierra Leone

CPCS was retained to act as Lead Transaction Advisors for this port
concession. The work included: finalizing the transaction strategy;
marketing the transaction, provide assistance in the bidding, negotiations,
and hand-over process; and providing assistance in management of the
completed transaction.

Implementation of Sierra
Leone Port Authority Reform
and Transactions (Phase II)

www.cpcs.ca

185

2011

Ports
Project

Transaction Advisors for

Concessioning of 24 Port
Terminals and Reform of
Nigerian Ports Authority
Concessioning of the Douala
Container Terminal at the
Cameroon Port

Privatization of Malawi Port

and Lake Services

Concessioning of the
Container Terminal at the Port
of Dar es Salaam

Concession of Kirikiri Lighter

Terminals 1 & 2

Value of
Transaction
(US$ million)

Year of
Close

Country

Services Provided

3,000

2007

Nigeria

CPCS assisted in the structuring, negotiating and closing concession

contracts for over 20 individual port terminals in Nigeria. The privatization
of all cargo handling services has been one of the most successful
privatizations in Africa, transforming the port sector and raising over $3
billion in fees and royalties for the Government.

75

2003

Cameroon

CPCS acted as the Lead Advisor to the Government of Cameroon to examine

the optimal strategy for introducing PPP in the countrys ancillary port
services and to assist the Government in concessioning the port activities
and Douala container terminal

N/A

2000

Malawi

For the ports, shipping service and rail network of Malawi, CPCS was
contracted to assist the Government of Malawi in the design of a
privatisation arrangement; development of an appropriate economic
regulatory structure and policies; promoting the concession among
potential investors; preparing the bidding documents and contractual
agreements; and assisting the government in negotiating with the
successful bidder.

3.7 per year

plus $13 per
TEU

1999

Tanzania

CPCS was mandated to concession the operations and equipment of the CT

at the Port of Dar es Salaam. The aim of this concessioning was to ensure
greater efficiency improvements to the users of the CT by the cost effective
operations of a private operator.

Nigeria

CPCSs advisory services to the Nigeria Port Authority include the

preparation of a Full Business Case, including PPP transaction structuring
and complete project PPP development. The consultancy also includes
assisting in the design and management of the procurement and evaluation
process as well as assessing market readiness (market sounding) and
supporting in project marketing. CPCS is also charged with preparing the
necessary supporting documents for prospective bidders (including
technical analysis) as well as preparing the Concession Agreement and
assisting with negotiations prior to contract award

TBD Project
Ongoing

Ongoing

Ports Total: $3.5 billion

www.cpcs.ca

Peter Kieran

Solutions for

President and CEO

pkieran@cpcs.ca

growing economies

Lisa Rhoades

Arif Mohiuddin

Vice President, Strategy & Corporate Affairs

lrhoades@cpcs.ca

Vice President, West & North Africa

amohiuddin@cpcs.ca

Marc-Andre Roy

Glory Jonga

Vice President, North America

mroy@cpcs.ca

Vice President, East & Southern Africa

gjonga@cpcs.ca

Sean McDonnell

Robert Graham

Vice President, International

smcdonnell@cpcs.ca

Transaction Advisory Practice Leader

rgraham@cpcs.ca

Ottawa

Abuja

Nairobi

New Delhi

Washington

T +1.613.237.2500
F +1.613.237.4494
72 Chamberlain Avenue
Ottawa, Ontario, K1S 1V9
Canada

T +234.09.670.9941
15 Buchanan Crescent
Wuse 2, Abuja, FCT
Nigeria

T +254.775.869097
Suite 23/24, Greenhouse Building
Ngong Road
PO Box 51843 - 00100
Kenya

T +91.11.26165304
IBC Building, First Floor
Sector-6, Kam Koti Marg
RK Puram 110022
India

T +1.202.772.3368
1050 Connecticut Ave,
10th Floor, Office 1077
Washington DC
USA