LONDON, March 21 2012 — BNY Mellon, the global leader in investment management and investment servicing, has been appointed by Zorlu Enerji, a world leader in the supply of thermal power solutions, to provide corporate trust services for the first ever internationally financed wind power project in Pakistan.
BNY Mellon will serve as facility agent, offshore account bank and security trustee to Zorlu Enerji Pakistan Ltd, a division of the Turkish conglomerate Zorlu Enerji. Enerji Pakistan will operate as an independent power producer selling electricity to the National Transmission and Despatch Company, the main power provider and operating body for Pakistan, under a 20 year purchase agreement.
The project, one of the first commercial wind projects in Pakistan, is financed by the International Finance Corporation, a member of the World Bank. The project covers the construction, operation and maintenance of a 56.4 megawatt wind farm and associated facilities in Jhimpir, Pakistan. It has also recently won Euromoney Project Finance Magazine's 2012 Middle East Renewables Deal of the Year award.
Dean Fletcher, managing director, BNY Mellon Corporate Trust, said: "We have a strategic focus on the renewable energy sector and are keen to grow our presence in this area in the emerging markets. Our team worked with both the lender and the borrower to lead this transaction, ensuring effective implementation of a bespoke and complex deal."
I. Sinan Ak, General Manager, Zorlu Enerji, said: "We selected BNY Mellon's services after having seen their impressive work on previous project finance deals, including a wind farm deal in Turkey. This is an exciting project and we are proud to be involved in the development of Pakistan's renewable capabilities."
BNY Mellon Corporate Trust services $11.8 trillion in outstanding debt from 61 locations in 20 countries. Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services and to develop customized and market-driven solutions. Its range of core services includes debt trustee, paying agency, escrow and other fiduciary offerings.
Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.8 trillion in assets under custody and administration and $1.26 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available on www.bnymellon.com or follow us on Twitter@BNYMellon.
This press release is issued by The Bank of New York Mellon to members of the financial press and media. All information and figures source BNY Mellon International unless otherwise stated as at December 31, 2011. The Bank of New York Mellon, London Branch, registered in England and Wales with FC005522 and BR000818 Branch office: One Canada Square, London E14 5AL. Authorised and regulated in the UK by the Financial Services Authority.