Needs
The contractor wished to match the milestone payments with the payment terms to Climosfera, but the latter needed to be paid during the design and well before construction started.
We finance your capex: project design in Kenya
A Kenyan contractor requested Climosfera, an Italian engineering company, to design a medium-voltage substation. The contractor had already signed an agreement with the local power supply company with milestone payments due during the construction of the substation.
We proposed to purchase the engineering, paying Climosfera during the design and granting to the Kenyan contractor three equal payments at 6, 12 and 18 months from delivery of the project design. Our credit risk was covered by the Italian Export Credit Agency SACE.
Achievement
Climosfera supplied the contractor with all documents needed for the construction phase.
The contractor could match their milestone payments with those due for the design.
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