Client Testimonials

Mr. Felipe Aigner

Global Head - Treasury and Corporate Finance, Vale, Brazil

Mr. Abhay Ketkar / MayCap acted as the Project Management Officer (PMO) for the landmark Nacala Corridor Railway and Port Project, an integrated and transformative infrastructure project supporting growth along a regional corridor shared by Mozambique and Malawi. This major cross-jurisdictional infrastructure project sponsored by Vale S.A. (“Vale”) and Mitsui & Co., Ltd. (“Mitsui”) comprises the construction of a 912km railway line to transport coal from Vale's and Mitsui's mine in Moatize, Mozambique across Malawi (including 682km of brownfield land) to a new coal port in Nacala-à-Velha on the eastern coast of Mozambique.


Abhay came on board as the PMO in June 2017 and gave a real momentum to the complex financing process which at that stage had been ongoing for more than 3 years. Abhay worked closely with the Sponsors, the legal counsel (White & Case and Linklaters) and a diverse group of lenders – comprising JBIC, NEXI, ECIC, African Development Bank and regional and international commercial banks – to manage and accelerate the financing process leading up to financial close in November 2017.


The transaction won the ‘Infrastructure Deal of the Year’ by African Banker, the ‘Logistics Deal of the Year’ award by Project Finance International, and the African Transport Deal of the Year award by IJ Global.


Abhay’s ability to work in a cross-cultural environment across time-zones and manage sensitive issues and situations in a calm and cool manner contributed immensely to the success of the transaction.

Mr. Munish Jindal

CFO, Indorama Eleme Petrochemicals Ltd.

Mr. Abhay Ketkar led the financial advisory team on US$1.2 billion financing of Indorama's nitrogenous fertilizer complex in Rivers State, Nigeria, the largest single train urea plant in the world.


The project debt was sizeable at US$800m, attracted DFIs, local and international banks, bringing them all together in three separate tranches. The financing involved DFI tranche of 11-year tenor which is scarce in Nigeria.


Abhay worked together shoulder to shoulder with us in the structuring of the transaction as quasi-corporate, quasi-project financing, and in financing raising from DFIs and local and international banks.


The deal was recognized as African Petrochemical Deal of the Year 2013 by Project Finance International.”

Mr. Masumi Kakinoki

Senior Managing Executive Officer CEO,

Power Business & Plant Group

Marubeni Corporation, Japan

Mr. Abhay Ketkar successfully led the USD 2.67 billion acquisition and project financing of the approx. 2000MW / 160 MIGD Taweelah B gas-fired Independent Water and Power Project (IWPP) in Abu Dhabi, UAE. The Taweelah B IWPP transaction was the largest private power and water financing in the Gulf region at the time (2005).


The Project was the first IWPP project for Marubeni Corporation to take on in the UAE. The Project undoubtedly served as a stepping stone for broader business operations by Marubeni and other Japanese firms in the Middle East.


The financing involved $1.24 billion 20-year overseas investment loan from the Japan Bank for International Cooperation (JBIC) and a $940 million commercial tranche from local, regional, and international banks, in addition to equity bridge loans.


Abhay personally spearheaded the Structuring Bank, MLA, Documentation Bank, Insurance Bank, Book-runner and JBIC Coordinator roles. I found Abhay’s wide-ranging skills in financial structuring, commercial negotiation, and deal coordination invaluable to the success of the transaction.


The deal went on to receive several prestigious industry awards including Best Project Financing Loan by GlobalCapital and Desalination Deal of the Year by Global Water Intelligence.

Mr. Anwar-ul-Haq

Member (Finance) Rtd.

WAPDA, Pakistan

Mr. Abhay Ketkar has been acting as Financial Advisor since 2014 to WAPDA’s 2.1GW Dasu Hydropower Project in Pakistan. In this capacity, Mr. Ketkar has advised WAPDA on the structuring and implementation of the financing plan for the estimated USD 4.3bn project financing package.


Mr. Ketkar worked together with the WAPDA to deliver on PKR 144bn (estimated USD 1.4bn in 2017) conventional and Islamic long-term financing from local banks and financing institutions. This was the largest domestic financing of this tenor in the history of Pakistan.


Mr. Ketkar also advised on and helped execute a very competitively priced USD 350mn international commercial loan supported by World Bank Partial Credit Guarantee. The transaction involved international lenders accepting WAPDA uncovered risk for the first time.


Abhay’s vast understanding of international cross border financing and structuring of  World Bank guarantee product together with his ability to work across timezones and cultures was of great benefit to the transaction.”

Ms. Funke Opeke

Founder & Chief Executive Officer,

Main One Cable Company,


Mr. Abhay Ketkar was hugely instrumental in the success of Main One submarine fibre optic cable project - a Nigeria-based telecommunications solutions provider that built West Africa's first privately-owned, submarine cable system providing connectivity with the rest of the world. 


Acting as Financial Advisor to the project, Abhay was a key ally and partner in all aspects of project development and financing, including project contracts and financial structuring, debt raising, private equity placement and also capacity pre-sales.


Abhay’s work ethics and command of project financing issues is par excellence. His pragmatic and solutions-driven approach was of immense value in getting a complex project such as Main One off the ground especially in the aftermath of the global financial markets crisis.

Mr. Sundeep Bahanda

Mr. Phillip Ihenacho

Co-Founders, Amaya Capital

"Abhay was the lead banker from StanChart on the Azura IPP deal. He believed our crazy idea when no-one else did!


Abhay led the Structuring and MLA team for the transaction leading up to a fund raise of close to USD 1bn from multiple tranches comprising international bank commercial tranche backed by World Bank PRG and MIGA 4-point PRI, senior debt facility from a group of DFIs, mezzanine debt facility from DFIs, and a local currency Naira-denominated term loan facility from local commercial banks with liquidity support from PAIF.


Abhay’s personal contribution to the commercial structuring, including gas-to-power risk allocation under the PPA, and the financial structuring for a multi-tranche financing package was immensely instrumental in the success of the project.


The deal went on to win PFI’s “African Power Deal of the Year 2016” and IJ Global’s Best Multi-sourced Financing (Africa)” awards".

Bjorn Ronning

CEO, Midgardsormen AS, Norway 

Morten Lunde

Chairman & CFO, Midgardsormen AS, Norway              


Mr. Abhay Ketkar / MayCap acted as Financial Advisor to Midgardsormen AS for the development and financing of Midgardsormen Cable System (“MCS”), a transatlantic submarine fiber optic telecommunications cable network connecting the US and Canada with northern Europe. Abhay along with the sponsors designed an innovative business plan taking into account key risks and upsides of an inter-continental subsea telecommunications project. 


As part of their role, the MayCap team developed a detailed Financial Model along with key sensitivities and incorporating a variety of financing options including pre-sales, debt and equity.


We were really impressed with MayCap’s knowledge and expertise in this field and the level of sophistication in their output."