Industrial Infrastructures
Our areas of expertise:
Our experience in Industrial Infrastructures is important and in different geographies.
Industrial Infrastructures require an individual attention, since they have specific clients, designs and sourcing, but they behave much better in a global world. One common mistake of many construction companies is to consider industrial infrastructures similar to civil works. Inicia2 has earnt an important experience in the field of electrical power plants and steel plants.
- A3T, one the biggest cogeneration plants in Mexico, was under construction with big cost overuns and the shareholder was in financial distress. A3T needed additional liquidity to resume the construction and the shareholder annouced the plans to sell the asset before the construction was concluded. In parallel, the Mexican electricity market was liberalised, opening a new gate to PPA‘s. Some lenders of the strategic shareholder selected Inicia2 to explain the new electricity legal environment with special attention to long term electricity prices. Analysis of the construction cost of a cogeneration plant in Mexico through comparable operations in the Mexican market. Understanding of the delay of the A3T works and the new time horizon for completion. Research on why A3T did not manage to achieve long term agreements to sell electricity and steam. Enquiries with financial institutions to release the money in the escrow account and enable the accomplishment of the works.
- Duro Felguera, the listed industrial engineering company, was experimenting liquidity problems and was in negotiations with the banks to obtain a new financial framework. The banks required a capital increase and the inclusion of new shareholders. An equity investor hired Inicia2 to understand the operations of the company with special focus to the bonding lines and the working capital. As the negotiations prolonged, the situation of the company deteriorated and Inicia2 was requested to provide an opinion on the valuation of each of the assets and a management appraisal.
- Celsa, one the largest steel producers in Europe, was aiming another debt restructuring with new money. A main bank was evaluating taking a position in the pool of new money lenders. Inicia2 analysed the steel market environment, operational performance and financial situation of the Company.
