Quick Facts

  • Supported by the Singapore Government with a policy mandate to boost exports and overseas investments from Singapore

  • Committed over US$2.2 billion in financing for projects globally since inception in 2012

  • Helped catalyse some US$11.7 billion in overseas investments and US$8.2 billion in exports to date

At a Glance

Capabilities

We offer a diverse and competitive range of products across the debt capital spectrum, underpinned by AAA-rated Singapore Government guarantee.

  • Structuring, underwriting/arranging and providing bespoke debt solutions for infrastructure, offshore marine and shipping assets

  • Products include limited/non-recourse project finance, asset-backed financing, reserve-based lending, ship finance, bonds, mezzanine financing

  • Nimble team with niche focus, which enables us to understand the relevant sectors and market in-depth

Milestones

2010

Singapore Government establishes the Economic Strategies Committee to formulate strategies to position Singapore for the next phase of economic growth

2012

Clifford Capital was established

2013

Closed our first financing transaction and completed debut US$300 million public EMTN issuance with a 5-year maturity

2014

Became profitable following two short years of operations

2016

Expanded our sector coverage to include shipping, with a view to supporting Singapore-based international shipping companies of meaningful scale

2020

Secured additional new equity funding as part of an overall reorganisation into a wholly-owned subsidiary of Clifford Capital Holdings

News

Awards

Deal of the Year 2015 BW Pavilion Vanda and Leera

BW Gas And Pavilion Energy Successfully Closes A US$360 Million Non-Recourse Financing For Two Newbuild LNG Carriers

04 September 2015

Clifford Capital acted as Mandated Lead Arranger and provided a US$60 million fixed rate senior secured term loan as part of a US$360m financing package to BW Pavilion LNG to fund the acquisition of two Singapore-flagged new-build LNG carriers, BW Pavilion Vanda and BW Pavilion Leeara. BW Pavilion LNG is a joint venture between BW Gas and Pavilion Energy formed with a view to provide LNG shipping capabilities to support the supply of LNG to regional gas demand centres in Asia.

BW Group is a leading Singapore-based global maritime group with a fleet of over 140 vessels ranging from oil tankers, LNG and LPG carriers, chemical tankers and floating production storage and offloading (FPSO) units. Pavilion Energy is a Temasek Portfolio Company with a vision to be a global LNG player in Asia. Its wholly-owned subsidiary, Pavilion Gas manages gas operations in Singapore and is also involved in the distribution and trading of LNG in the region.

“We are pleased to have supported two key clients in this transaction both of which have substantial presence in Singapore. Through our financing we hope to contribute to Pavilion Energy’s vision of establishing Singapore as an LNG trading hub,” said Clive Kerner, CEO of Clifford Capital.

This transaction has been awarded the “2015 Project Financing Deal of the Year – East” by Marine Money, a leading ship finance trade publication, for a number of notable features, including a sizable 44% balloon at maturity and a structured cash flow waterfall that accommodated a 6-9 month gap between two separate charters.

Conventional Power Project Financing Deal of The Year 2017 Sembcorp’s Myingyan IPP

Sembcorp’s Myingyan Project Is Awarded Conventional Power Project Financing Deal Of The Year 2017 By TXF

31 December 2017

Clifford Capital is pleased to announce that Sembcorp’s 225MW Myingyan Independent Power Project (IPP) has been named by TXF as the winner of the Conventional Power Project Financing Deal of the Year 2017.

TXF noted the following in its awards citation:

“A deal that set the template for IPP financings in an unrated country, the Myingyan IPP financing – Myanmar’s debut in the internationally banked long-term project finance market and its first non-recourse financing in the power sector – managed to draw multilateral, commercial lenders and political risk insurance providers into a package which works economically for all.”

Clifford Capital played a key role in the financing of this Project as the Lenders’ Documentation Bank – working with Sembcorp from an early stage to coordinate the development of the financing structure and financing term sheet, advise on bankability issues of the Project and lead lender-side inputs into the Project Agreements which now forms the basis for future IPPs in a key emerging market.

Asia-Pacific Power Deal of the Year 2017 Sembcorp’s Myingyan IPP

Sembcorp’s Myingyan IPP Is Awarded Asia Pacific Power Deal Of The Year 2017 By Project Finance International

15 January 2018

Sembcorp’s 225MW Myingyan Independent Power Project (IPP) has been named by Project Finance International (PFI) as the winner of the Asia-Pacific Power Deal of the Year 2017. As the first competitively tendered and internationally financed IPP in Myanmar, Myingyan sets the benchmark for future power projects in the country. This is also a ground-breaking project in view of its long-dated US dollar project financing from key multilaterals such as ADB, IFC and the AIIB, as well as a number of Singapore-based financial institutions including Clifford Capital.

Clifford Capital had played a key role in the financing of this project as the Lenders’ Documentation Bank – working with Sembcorp from an early stage to coordinate the development of the financing structure and financing term sheet, advise on bankability issues of the Project and lead lender-side inputs into the Project Agreements which now forms the basis for future IPPs in a key emerging market.

For more details please refer to the award citation from PFI.

Power Deal of the Year 2017 Sembcorp’s Sirajganj-4 IPP

Sembcorp’s Sirajganj-4 Project is awarded Asia Pacific Power Deal of the Year 2017 by IJGlobal

21 March 2018

Clifford Capital is pleased to announce that Sembcorp’s 414MW (net) Sirajganj-4 Independent Power Project (IPP) has been named by IJGlobal as the winner of the Asia-Pacific Power Deal of the Year 2017.

The Sirajganj-4 IPP is a significant milestone in the development of the energy sector in the People's Republic of Bangladesh. Designed as one of the most efficient power plants in the country, the plant will allow Bangladesh to efficiently utilize its diminishing domestic gas resources to underpin the country’s rapid industrial and economic development. The Project is also testament to the continuously improving climate for foreign investment in the country, being the first project undertaken by an international investor under the country’s robust public-private partnership model. The Project is also the culmination of strengthening relationships between Singapore and Bangladesh across the public and private sectors, being the largest foreign direct investment by a Singaporean company into the energy sector in Bangladesh.

Clifford Capital played a key role in the financing of this project as an Initial Mandated Lead Arranger and as the Lenders’ Modelling Bank. We were responsible for financial analysis underpinning lenders’ credit submissions, model audit and other related processes. In addition, Clifford Capital worked closely with the other co-lenders, IFC and CDC, to drive all key due-diligence workstreams of the project.

Africa LNG Deal of the Year 2019 Gimi FLNG

Clifford Capital Leads USD700M Facility To Support Golar LNG And Keppel Capital In Landmark Conversion Of An FLNG Vessel

31 October 2019

Clifford Capital Pte. Ltd. (“Clifford Capital”), a specialist provider of debt financing solutions globally to companies and projects with a nexus to Singapore in the infrastructure and maritime sectors, announces the successful closing of the USD700m senior secured term loan (the “Facility”) to Gimi MS Corporation (the “Borrower”), a transaction in which Clifford Capital acted as Lead Coordinator and Bookrunning Mandated Lead Arranger (“BMLA”). The Borrower is jointly owned by Golar LNG and Keppel Capital on a 70:30 basis and the Facility was established to finance the development, construction and operation of a Floating Liquefied Natural Gas (“FLNG”) vessel (the “FLNG Gimi”) under a 20-year charter with BP.

For more details, please refer to the press release.

Offshore Project Finance Deal of the Year 2019 Gimi FLNG

Clifford Capital-led FLNG Gimi Financing Wins at 2019 PFI and Marine Money Awards

09 April 2020

Singapore, 9 April 2020 – Clifford Capital Pte. Ltd. (“Clifford Capital”), a specialist provider of debt financing solutions globally to companies and projects with a nexus to Singapore in the infrastructure and maritime sectors, today announces that the USD700m senior secured term loan financing for the Gimi Floating Liquefied Natural Gas (“FLNG”) project (“FLNG Gimi” or the “Project”), has been awarded the “Offshore Project Finance Deal of the Year” at the 2019 Marine Money “Deal of the Year” Awards.

This win closely follows Clifford Capital’s recent win at the 2019 Project Finance International (“PFI”) Awards, where the Project has been awarded the “African LNG Deal of the Year”.

Clifford Capital, as Lead Coordinator and one of four Bookrunning Mandated Lead Arrangers (“BMLAs”), arranged a USD700m senior secured term loan (the “Facility”) to Gimi MS Corporation (the “Borrower”). The Borrower is jointly owned by Golar LNG and Keppel Capital on a 70:30 basis and the Facility was established to finance the development, construction and operation of the FLNG Gimi.

The Project will see the conversion of a Moss LNG carrier at Keppel Shipyard in Singapore into a FLNG unit. When completed, the FLNG Gimi will be stationed at a nearshore hub located on the Mauritania and Senegal maritime border under a 20-year charter contract with BP in the Greater Tortue Ahmeyim field offshore West Africa.

The Facility, which features a tenor of 10 years covering the pre- and post-delivery phases on the back of a 12-year amortisation profile, is the first limited recourse project financing for a FLNG vessel in the international commercial bank market. Clifford Capital assembled the four-bank group which includes ABN Amro, ING and Natixis to jointly structure, arrange and provide the underwriting commitment, followed by a syndication effort to bring in additional commercial banks for the financing.

The BMLAs successfully syndicated the Facility to eight participating banks in September 2019, with the final bank group comprising 12 lenders, and achieved financial close in October 2019. Notably, the financing attracted strong interest from Asia-based banks, with a total of five Asian lenders, including three Singapore-based lenders, reflecting the robust demand for commercial financing of projects being developed by world-class yards and Sponsors with an established track record.

“The award is a testament to our growing capabilities as a specialist provider of financing solutions globally. We are honoured to have played a significant role in developing this novel limited recourse project financing solution and in elevating a groundbreaking FLNG concept amongst the international banking community. Leveraging on our ability to structure bespoke innovative solutions, we will continue to address the market gaps in cross-border project and structured financing and fulfill our mandate of supporting Singapore companies in their key exports and catalyzing their growth in overseas markets” said Clive Kerner, CEO of Clifford Capital.

The FLNG Gimi follows from the successful conversion of the world’s first FLNG conversion of Hilli Episeyo, which Keppel Shipyard delivered in record time and on budget to Golar LNG in 2017.

Mr Chris Ong, CEO of Keppel Offshore & Marine said, “As a leading provider of solutions to the offshore, marine and energy industries, Keppel O&M welcomes the increased project financing support in Singapore, spearheaded by Clifford Capital. This encourages customers to take up innovative solutions like our FLNG franchise. Keppel O&M’s pioneering solutions, engineering know-how and execution track record, complemented by the syndication expertise of commercial lenders such as Clifford Capital, will keep us at the forefront of developing winning solutions for the market.”

Keppel’s participation as equity investor in addition to its role as EPC contractor is a strong reflection of its confidence in the prospects of the FLNG sector and its buy-in to the viability of the conversion concept. The long-term charter with BP provides further validation of this concept. The successful conclusion of this commercial project financing for the FLNG segment will pave the way for future financings of similar projects.

“We are pleased to partner with Clifford Capital on the development of an innovative and fit-for-purpose finance solution for the FLNG Gimi. Keppel’s investment in the FLNG Gimi harnesses the diverse capabilities of the Group. Currently undergoing conversion at Keppel Offshore & Marine, the FLNG Gimi is intended to be the first investment for the Keppel Asia Infrastructure Fund, which recently achieved its first closing,” said Ms Christina Tan, CEO of Keppel Capital.

Africa Oil & Gas Deal of the Year 2019 Gimi FLNG

Africa Oil & Gas Deal of the Year 2019

13 July 2020

Clifford Capital is pleased to announce that the Gimi Floating Liquefied Natural Gas (“FLNG”) project has been named by IJGlobal as the winner of the Africa Oil and Gas Deal of the Year 2019.

The Gimi FLNG project, a 70/30 joint venture between Golar LNG and Keppel Capital, involves the conversion of an LNG carrier at Keppel Shipyard into a floating LNG unit with a capacity of 2.45 mtpa. Upon delivery, Gimi FLNG will be deployed on the Greater Tortue Ahmeyim (“GTA”) field offshore Mauritania and Senegal to receive, process and liquefy natural gas under a long term lease and operate contract with BP. The GTA field, with total gas resources estimated at 15 tcf, is jointly owned by BP, Kosmos Energy and the national oil companies of both countries. The US$700m debt financing for this project is the first limited recourse project financing for a FLNG vessel in the commercial bank market. The successful conclusion of this commercial project financing for the FLNG segment will pave the way for future financings of similar projects.

Clifford Capital played a key role in the financing of this project as the Lead Coordinator and assembled the four-bank group which includes ABN Amro, ING and Natixis as Bookrunning MLAs to jointly structure, arrange and provide the underwriting commitment.

IJGlobal award announcement: https://ijglobal.com/articles/147839/ijglobal-awards-2019-europe-and-africa


Our Clients

Infrastructure

PSA
GPS Group
Genesee & Wyoming
Greenko
SembCorp Utilities
Summit Power International
Keppel Infrastructure Trust

Maritime

Sembcorp Marine
Keppel Offshore Marine
Energy Drilling
SBM Offshore
Helix Energy Solutions
Golar LNG
Keppel Capital
MODEC
BW
Teekay Offshore
BUSS