Realização Parceiros Apoio

Realização
Parceiros
Apoio
BUSINESS OPPORTUNITIES IN
TURKEY’S PPP MARKET
Emre AYKAR
President – CICA (Confederation of International Contractors’ Association),
Vice President – TCA (Turkish Contractors’ Association)
Partner, Member of the Board – Yapı Merkezi
April 28th, 2015 – BRASILIA
CONTENTS
1.
Presentation of Eurasia Tunnel Project
2.
Ongoing Major PPP Projects in Turkey
3.
Some Major Future PPP Projects in Turkey
1. Presentation of Eurasia Tunnel Project
EURASIA TUNNEL – Cross Section
PROJECT OVERVIEW - Location
PROJECT OVERVIEW – Contribution to Istanbul’s Highway Network
•
Providing continuous
flow of traffic between
Asian and European
Side of Istanbul in a safe,
robust and comfortable
fashion.
•
Significant time savings
•
Shortest path between
Atatürk and Sabiha
Gökçen airports
•
No effect on the
“Silhouette of Istanbul”
•
Net savings in pollutant
emissions with reduced
travel time – An
Environmental Friendly
Project
PROJECT OVERVIEW – Key Stakeholders
PROJECT OVERVIEW – Dates
Contract Signed:
February 2011
Loan Agreements:
December 2012
Start of Service:
October 2016 (estimated)
Transfer (back to the Client):
January 2042
Total Duration of the Concession:
29 Years 10 Months
PROJECT SPONSORS – Yapi Merkezi
Dubai Metro
Haramain High Speed Railway Madinah station
PROJECT SPONSORS – Yapi Merkezi
Ethiopia Awash – Kombolcha – Hara Gebaya R.
Four Seasons Hotel
Ankara Konya High Speed Railway
PROJECT SPONSORS – Yapi Merkezi
Algeria Bir Touta – Zeralda Railway
Izmir Metro
Casablanca Tramway
PROJECT SPONSORS – SK E&C
 SK E&C has achieved success with its
development of the newest building
methods, creation of advanced
systems, and its extensive experience
and know-how.
BORED TUNNEL (TBM) – Geological Conditions
•
Strait was formed by historic tectonic forces, leaving the Trakya Sandstone bedrock folded, faulted, intruded, intensely fractured and weathered.
•
Soft ground consisits of alluvial deposits that have in-filled a past channel in the bedrock.
Alluvial deposits range from coarse-grained soils to fine-grained soils and can vary both
vertically and laterally as a result of depositional history.TBM tunnel passes through
mostly silty fine sand and some clay and sandy clay layers.
BORED TUNNEL (TBM) – Bored Tunnel Section
Precast Segment
Lining(t=600mm)
Upper Roadway
Deck (Cast in
Situ)
Upper Corbel
Lower Roadway
Deck (Precast)
Lower Corbel
Utility Gallery
600
12.000
13.200
600
BORED TUNNEL (TBM) – Assembly of the Tunnel Boring Machine
BORED TUNNEL (TBM) – Excavation Pit (Asian Side)
BORED TUNNEL (TBM) – Internal View of the Tunnel
BORED TUNNEL (TBM) – Segment Stock and Delivering
BORED TUNNEL (TBM) – Upper-Deck Construction
BORED TUNNEL (TBM) – Upper-Deck Construction
BORED TUNNEL (TBM) – Upper-Deck Construction
FINANCIAL STRUCTURE – Summary Investment
Item
Cost (USD)
EPC Costs:
814,000,000
Development and Admin:
115,000,000
Financial Costs:
81,000,000
Interest During Investment:
178,000,000
Reserves and Contingency:
57,000,000
TOTAL INVESTMENT COST
1,245,000,000
Equity (22.9%)
285,000,000
Senior Loans (77.1%)
960,000,000
FINANCIAL STRUCTURE – Financial Institutions and Credits
 Multilateral Institutions:
 European Investment Bank
 European Bank for Reconstruction
and Development
Type of Facility
Amount
Extended (USD)
All facilities’ terms are 18 years
 Export Insurance Providers:
 Korean Exim Bank
 Korean Export Insurance Agency
(K-Sure)
 Commercial Banks:
 Standard Chartered Bank
 Sumitomo Mitsui Banking
Corporation
 Mizuho Bank
 Garanti Bankası
 Türkiye İş Bankası
 Yapı Kredi Bankası
 Deutsche Bank
Direct Facilities:
550,000,000
Facilities under Export
210,000,000
Insurances:
Facilities Guaranteed by
200,000,000
Turkish Banks:
Total Credits:
960,000,000
FINANCIAL STRUCTURE – Development and Legal Framework
 Development and updating of City Plans
 Approvals from Protection Councils and other authorities
 Creation of City Plans
 Updating of Existing City Plans by Municipalities
 Development of Debt Assumption Agreement
(between Lenders and Turkish Treasury)
 Development of Direct Agreement
(between Lenders and Ministry of Transportation)
 Development of Cooperation Protocol
(between Ministry of Transportation, Istanbul Metropolitan Municipality,
Turkish National Police and Turkish Highway Authority)
FINANCIAL STRUCTURE – International Project Financing Awards
 Euromoney – Europe’s Best Project Finance Deal
 EMEAFinance – Best PPP Project Deal
 Infrastructure Journal – Best Innovative Deal
 Thomson Reuters PFI – Best Infrastructure Deal
26
2. Ongoing Major PPP Projects in Turkey
 The 3rd Bosphorus Bridge and the Northern Marmara
Motorway Project
 Istanbul 3rd Airport
 Gebze-Orhangazi-İzmir Motorway Project (Incl. Izmit
Bay Crossing and Approach Roads)
 Bilkent Integrated Health Campus Project
THE 3rd BOSPHORUS BRIDGE
•
•
•
Client: General Directorate of Highways
Investors: IC İçtaş – Astaldi Consortium
Scope: Construction of the 3rd Bosphorus Bridge (1,408m) and 115km motorway. The
bridge will have 8 lanes of motorway and 2 lanes of railway at the same level
THE 3rd BOSPHORUS BRIDGE
•
•
•
•
Total Investment Cost: USD 2,5bln
Construction Period: 3 Years
Operation Period: 7 Years and 2 Months
Notes:
• State-backed Minimum Revenue
Guarantee
• Freight Transportation (Rail + Road)
will be diverted out of the city limits
• This will be the longest spanning
suspension bridge in the world that
has a rail system on it
ISTANBUL 3rd AIRPORT
• Client: Ministry of Transport, Maritime and Communications
• Investors: Cengiz-Kolin-Limak-MAPA-Kalyon Consortium
• Scope: Project total area of 76,500,000m2 (6 runways, 6 taxiways, high-speed and
connection taxiways, Air traffic, Communications and Meteorology Systems, other service
buildings and systems)
ISTANBUL 3rd AIRPORT
•
•
•
•
•
Total Investment Cost: EUR 9 bln
Contract Value: EUR 22 bln (excl. VAT)
Construction Period: 5 Years
Operation Period: 25 Years
Notes:
– The whole project is to be
completed in several phases
– At completion the airport’s capacity
will be sufficient to service
150,000,000 passengers per year
– Istanbul is to become a regional
and international hub for air
passenger traffic
– PPP structure is based on many
succesfully completed airport
concessions in Turkey’s past.
GEBZE – ORHANGAZI – IZMIR HIGHWAY
• Client: General Directorate of Highways
• Investors: Nurol-Özaltın-Makyol-AstaldiGöçay Joint Venture
• Scope: The project has total 427km
length consisting of 384km motorway
and 43km connection roads; Including a
suspension bridge (İzmit Bay
Crossing Bridge) of about 2,6km in
length
GEBZE – ORHANGAZI – IZMIR HIGHWAY
•
•
•
•
Total Investment Cost: EUR 10bln
Construction Period: 7 Years
Operation Period: 15 Years 4 Months
Notes:
– The project will reduce travel time
from Istanbul to İzmir, two of the
main economic centers in Turkey,
from 10 hours to 4 hours
– The area across which the project
stretches has one third of Turkey’s
population and includes the seven
most industrialized cities
contributing to 45% of GDP
BILKENT INTEGRATED HEALTH CAMPUS
• Client: General Directorate of Health Investments
• Investors: IC İçtaş – Dia Holding fzco Joint Venture
• Scope: To design, build, finance, operate and transfer a hospital with a capacity of
3,804 beds. The total area is approx. 1,2M sqm. The project company will provide the
facilities management services and other clinical and non-clinical support services over
the course of the operating period.
BILKENT INTEGRATED HEALTH CAMPUS
•
•
•
•
Total Investment Cost: USD 850M
Construction Period: 42 Months
Operation Period: 25 Years
Notes:
– Renumeration in availability
payments
– Strong support from Multilateral
Banks and International Finance
Institutions
Project in Operation
Project in Financial
Close/Construction
Total
153
30
183
USD 40 bln
USD 62 bln
USD 102 bln
Project Number
Project Value
Some of the Main PPP Types
Qty.
Sectors Involved
Build-Operate-Transfer
98
Energy, Airports, Ports
Transfer of Operating Rights
69
Energy (HEPP), Highways, Bridges, Ports
Build-Lease-Transfer
11
Healthcare
Other
5
Various
Projects
Project Value
Energy
USD 21.5 bln
Airports
USD 56.6 bln
Motorways
USD 11.5 bln
Harbor
USD 2.0 bln
Marina
USD 1.6 bln
Healthcare Facilities
USD 6.8 bln
Industrial Facilities
USD 1.3 bln
Bordergate
USD 0.4 bln
Railway
USD 0.2 bln
Total
USD 102 bln
Implementation in Important Sectors:
73
Energy
29
Highways
21
Ports
18
Airports
15
Marinas
11
Healthcare
3. SOME MAJOR FUTURE PPP PROJECTS IN TURKEY
 ISTANBUL GRAND TUNNEL BOT PROJECT
 KINALI – CANAKKALE HIGHWAY INCL.
DARDANELLES STRAIT CROSSING BRIDGE
 ISTANBUL – ANKARA SUPER HIGH-SPEED RAILWAY
ISTANBUL GRAND TUNNEL BOT PROJECT
• 6,5km tunnel passing under Bosphorus
with 2 highways and 1 metro line levels
• Approximate length of the tunnel with the
three levels: 6,5km
• Diameter: 18,80m
• The deepest point below water: -110 m
• Total Investment Cost (approx): USD 6 bln
KINALI – CANAKKALE HIGHWAY AND DARDANELLE STRAIT BRIDGE
• 322km Highway from İstanbul to Çanakkale
including 3,6km bridge between Gelibolu –
Lapseki
• 2x3 highway lanes + railway
• The bridge will divert the traffic between
Balkans and Anatolia out of Istanbul,
shortening travel times and decreasing costs
• EPC Cost (approx): USD 4,5 bln /
Investment (rough estimate) : USD 6bln
ANKARA – ISTANBUL SUPER HIGH-SPEED TRAIN
• Track Length: 350 km
• The travel time will be decreased from 5
hours to just 1 hour 15 minutes
• Max. Design Speed: 400 km/hr
• Investment (estimate): USD 7 bln
HOW ARE PPP’s USED IN TURKEY
• PPPs have been mainly used to attract
local and international investors to
participate in solving infrastructure needs
of the country in addition to the classical
method of government budget funding.
• In Turkey the main PPP subsectors
heavily utilized have been; energy
production and distribution, motorways,
airports, ports, waste and wastewater
treatment and hospitals.
HOW ARE PPP’s USED IN TURKEY
• The government has played a key role by supporting the bankability of the projects with
strong administrative, legislative and financial support. This continuous support has
persuaded the investors to enter the PPP market.
• The government has also followed best practices and good advices from international
advisors; such as; Minimum Revenue Guarantees, Step-in Mechanism, Debt
assumption Agreements, International Arbitration, etc.
HOW ARE PPP’s USED IN TURKEY
•
The PPP projects which are in operation
phase are mainly in energy, airports and
ports. In this sectors there has been a
substantial improvement in the quality of
the services. In some of these service
sectors such as airports Turkey has even
created globally active and recognized
brand names such as TAV.
FINAL REMARKS
• As of today, several local and international investors have committed to 183 projects under
various PPP schemes in Turkey
•
The total investment amount for these projects, either in operation or have been
succesfully awarded to investors, is more than $ 100 bln.
• There are many big PPP projects planned which are in Turkey's «2023 Goals». This future
pipeline of PPP investments are mainly in airports, highways, railways, education facilities,
hospitals and waste/ waste water treatment facilities.
• The know-how gained through the previously completed PPP investments have
contributed to the current solid legal, administrative and financial framework for PPP
implementation in Turkey, through which the current great progress has been and the
future bigger steps will be achieved.
FINAL REMARKS
As Turkish Contractors,
we are ready to cooperate on
PPP Projects
with our
Brazilian Colleagues
in Turkey, Brazil and the rest of the
World!
FINAL REMARKS
THANK YOU FOR YOUR KIND ATTENTION
Emre Aykar
emre.aykar@ym.com.tr