• Transaction support
  • Transaction Support - Projects
  • Transaction Support - Key Staff
• Infrastructure policy and planning
• Governance and anticorruption
• PPPs
• Clean energy and carbon strategy
• Regulation of natural monopolies
• Expert evidence
• Antitrust
• Market modelling
• Policy advocacy and strategy

TRANSACTION SUPPORT | Projects

• Market Analysis for US$300 million Clean Energy Fund, Asia
  Castalia helped a Clean Energy Fund in Asia raise US$300 million in capital for renewable energy investments in emerging economies. Castalia provided advice and analytical support to the Fund on value drivers in the Asian market for clean energy. We also helped the Fund identify investment opportunities by drawing on Castalia’s established network of infrastructure contacts throughout Asia
• Bid to Purchase Part of Vector Electricity Network, New Zealand
  A consortium led by Macquarie Bank was evaluating an opportunity to buy the Vector electricity network in Wellington, New Zealand with a peak load of 550MW and annual revenues of US$120 million. Castalia developed regulatory scenarios for the network and assessed the impact of those scenarios on asset valuation as part of the consortium’s due diligence
• Purchase of Masinloc 600MW Coal Plant, Philippines
  AES expressed interested in purchasing the 600MW Masinloc coal-fired station in the Philippines. Castalia developed a model to forecast plant dispatch and wholesale prices in the Philippines wholesale electricity market. Castalia’s analysis helped to determine plant revenues and operating costs, which were important inputs to the successful US$930 million bid for the plant
• Development of US$60 million Hydro Generation Project, Nicaragua
  An infrastructure investor was developing a hydroelectric project in Nicaragua. Castalia advised the investor on optimal plant size and trading strategy by developing a comprehensive financial model of plant dispatch, financing costs and plant cash flows. Castalia also helped raise additional equity and debt for the project, which resulted in a joint development agreement with IFC InfraVentures
• Opportunity to Buy Mirant’s Power Assets, Jamaica
  Castalia advised Caribbean merchant bank, Dehring, Bunting and Golding on its bid for the majority shareholding in the Jamaica Public Service Company, a vertically-integrated electricity company with annual revenues of over US$750 million. Castalia helped to find a utility partner to strengthen the qualifications of the bidder, and advised on an appropriate valuation for the shareholding interest. Based on this valuation, we advised that the shareholding was over-priced and that Dehring, Bunting and Golding should not participate in the bid
• Valuation of 175MW of Hydro Generation Assets, AES, Philippines
  AES was looking to expand its electricity generation portfolio in the Philippines by acquiring 175MW of hydro generation assets. Castalia used its electricity market model to forecast the dispatch and prices for the plant, accounting for hydro inflow variability, turbine efficiency, reserve energy requirements and transmission constraints
• Review of Powerco’s Gas Distribution Tariffs, New Zealand
  New Zealand’s Commerce Commission issued a draft determination cutting Powerco’s gas distribution tariffs by 42 percent. Castalia was engaged by Babcock and Brown Infrastructure, Powerco’s owner, to develop a strategy in response. We helped Powerco to address the Commission’s specific concerns, and to highlighting the public interest in continued investment in gas distribution. We also pointed out errors in the Commission staff’s calculations. Our work contributed to a substantial roll-back of the proposed cuts, with the final decision reducing tariffs by only 10 percent
• Manila Light Rail Transit Line 1 Southern extension,
  The Government of the Philippines was extending a Light Rail Transit Line, and needed to consider whether the project should be delivered as a public private partnership or under a more traditional model involving official development assistance. Castalia reviewed these two approaches by setting up a model to analyze the potential costs of the PPP against a public sector comparator.