IFM chose Corality to audit a financial model of an investment into Freeport LNG. The project was awarded PFI's 'Americas Deal of the Year'.
Project finance model audit for IFM Investors investment in Freeport LNG
As one of the world’s largest infrastructure fund managers, IFM Investors invests in a range of important projects across the globe. In late 2014, IFM Investors reached financial close on its investment in Freeport LNG Train 2. The Freeport LNG project was awarded Project Finance International’s ‘Americas Deal of the Year’.
IFM Investors is a uniquely-structured fund manager that is owned by 30 major not-for-profit pension funds. The Freeport LNG Project is a natural gas liquefaction and export facility being developed in Freeport, Texas. The Project involves the development of three liquefaction plants (referred to as ‘Trains’), each funded separately. IFM entered into a $1.3 billion equity funding agreement for Freeport LNG Train 2.
From its New York office, IFM Investors developed a financial model to assess the investment opportunity. As part of the detailed due diligence process, IFM Investors needed to engage an independent firm to provide a review the model’s structure and formulae for mechanical and logical integrity. Though many service providers showed interest in working with IFM Investors on this project, given the complexity of the financial model, Corality was chosen to perform the model audit.
“We engaged Corality for the model audit service because we wanted a firm that we could trust to provide a high quality service, with the ability to respond quickly to our needs”, says Neil Doherty, Vice President Infrastructure.
“Corality always provides us with services of the highest standard” - Best practice financial modelling and training
IFM Investors chose to work with Corality to confirm the integrity of the financial model. “We can trust Corality, knowing we will always receive top quality service and accurate outputs - which is the most important thing for us. Corality achieves deadlines, goes above and beyond in supporting their clients, and always delivers to the highest standards.”
Fast turnaround, utmost professionalism, and great care make the decision easy
“Trusted advisors are important to IFM Investors. We have used Corality for a range of other services, such as bespoke training and model development, and have always had a positive experience. We find Corality staff to be very professional. The client service is excellent and the commitment to project timelines is second to none,” confirms Doherty.
Doherty was pleased with Corality’s model audit services on the Freeport LNG project. “We were very happy with the agreed deliverables, reporting, flexibility and support throughout the process. Corality’s care and expertise is evident in all the work produced for the IFM Investors team.”
“Corality is one of our most trusted advisors” - Corality Training Academy
In addition to model audit services, Corality has previously provided best practice project finance modelling training to the IFM Investors team. Doherty explains, “This has been invaluable in the development of our junior team as we continue to grow and invest in new markets.”
Would you recommend Corality? - SMART financial modelling
Neil Doherty, “Absolutely, with confidence, Corality is one of our most trusted advisors. They consistently receive positive feedback from team members when working on various projects, which makes it easy for me to recommend Corality to other industry professionals.”