Project: Payment default by a sovereign obligor

An international energy company obtained ATI cover to protect them against non-payment by the government, which issued the company a guarantee to reimburse any shortfall in tariff-based revenues for three years.

The project will convert standard national gas to electricity – a more environmentally friendly alternative to the traditional hydro and diesel powered energy sources in the under-serviced South East region of the country. The project will also finance infrastructure, including the construction of a 27 kilometre pipeline and a gas-fired power plant that will transmit electricity to rural communities for the first time.

Maximum Sum Insured: $11 million