IPFA Welcomes Two New Asia Branch Council Members

We’re delighted to welcome two new members to our Asia Branch Council, Sonali Tang (ADB) and Audra Low (Clifford Capital). Get to know Sonali and Audra below…

Sonali is the Regional Director and Head of the Singapore Office of the Asian Development Bank. Prior to joining ADB in 2014, Sonali was Senior Vice President and Head of the Power Project Finance team at The Bank of Tokyo- Mitsubishi UFJ Singapore (now MUFG Bank). She has also held several senior positions in Project and Structured Finance teams across HSBC, ABN Amro and UBS in Singapore, Hong Kong and New York.

Sonali has over 20 years of experience in advising and arranging financing for infrastructure projects and borrowers in Asia and the Americas. Her major transaction experience includes projects in the power, infrastructure, natural resources and telecom sectors. Having specialized in the energy sector, she has led many precedent-setting power sector financings in Asia as markets have privatized and expanded.

She is a member of the Institute of Chartered Accountants in England & Wales (ICAEW) and qualified with Ernst & Young in London in 1993. She graduated Magna Cum Laude with a Bachelor of Arts from Hood College, Maryland with a double major in finance and economics.

Finish this sentence: The future of infrastructure/energy is… critical in developing Asia

How has COVID-19 affected your business? What do you see as the positives and negatives?
After an initial adjustment in some work habits, we have been able to continue executing and closing financings. On the positive side, the pandemic has hastened digital innovation, forced efficiencies in work practices, improved access and inclusiveness. On the negative side, existing income and wealth inequalities will become worse, weak business confidence will slow economic growth.

What do you see as the biggest area for growth, and why?
Digital innovation and transformation in all aspects of the financial sector.

And what about the biggest area for risk?
The rise of nationalism and the fallout from trade wars.

If you could personally change or influence one thing within infrastructure and/or energy, what would it be?
A return to global cooperation and multilateralism so that climate change can be effectively addressed.

Knowing what you know now, what advice would you give to yourself at the start of your career?
Learn more about achieving economic development in a sustainable and inclusive way.

Audra Low is the Chief Executive Officer & Executive Director at Clifford Capital, responsible for strategic leadership for the company and performance of the business. Since joining Clifford Capital at its inception in 2012 as Head of Origination and Structuring, Audra had spearheaded the growth of the Clifford Capital franchise in the relevant project and asset finance markets across the sectors covered by the company.

She brings with her a wealth of experience working with Singapore-based companies on infrastructure projects locally and overseas. Prior to Clifford Capital, she spent 12 years in project finance with HSBC, playing a key role in the origination and financing of numerous award-winning projects in South East Asia, both as financial advisor and lead arranger.

Audra has an MBA from New York University Stern School of Business and a Bachelor of Accountancy from Nanyang Technological University.

Finish this sentence: The future of infrastructure/energy is… bright! This pandemic has led many of us to rethink our lifestyles and look beyond the immediate gratification from fulfilling first order needs to consider externalities such as our carbon footprint. It is exciting to see how future infrastructure will evolve to match these aspirations, especially with technology making more things possible than ever before.

How has COVID-19 affected your business? What do you see as the positives and negatives?
Clifford Capital’s business is in providing specialised structured and project finance solutions to support Singapore-based companies that are looking to grow in overseas markets. As a lender, COVID-19 has inevitably impacted some of our borrowers more heavily than others, hence we are spending more time monitoring our portfolio and working with our clients to ensure they continue to be supported through this difficult period. On the flip side, COVID-19 has also produced some interesting new opportunities as we reprioritise certain areas such as healthcare and digital infrastructure. Notwithstanding the current challenges, Clifford Capital’s capital base remains resilient and we expect to emerge from the pandemic in a strong position to capture new market opportunities.

What do you see as the biggest area for growth, and why?
The ongoing energy transition provides some very interesting growth opportunities as the world gradually replaces fossil fuels with renewable energy. It is easy to just focus on the most obvious areas such as solar and wind, but there are other equally important developments which also reduce carbon emissions and minimise the environmental footprint such as energy efficiency projects, green mobility, etc.

And what about the biggest area for risk?
The prospect of technology obsolescence – we never had to think much about this in the past but with the focus on energy transition and technology advancements becoming more rapid, it will become increasingly relevant.

If you could personally change or influence one thing within infrastructure and/or energy, what would it be?
Mindsets. One of the biggest impediments in infrastructure development is a lack of understanding in terms of how things need to hang together to make it all work. Infrastructure cannot be conceived or developed in isolation – it is necessarily premised on enabling legislation, duly considered interlinkages upstream and downstream, fair risk allocation, realistic expectations, etc.

Knowing what you know now, what advice would you give to yourself at the start of your career?
There are so many possibilities when you are just starting out and you are just beginning to learn about yourself and others, so it is best to keep an open mind, be curious and talk to more people.