Advanced Project Finance (m1 of Project Finance Training Week)

Euromoney Learning Solutions

How long?

  • 4 days
  • in person, online

Euromoney Learning Solutions

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Who should attend

The courses will be of value to professionals in the following areas:

  • Bankers/Investment Bankers
  • Project Finance Modelers
  • Financial Advisors
  • Sponsors/Project Joint Ventures
  • Project Developers
  • Government/PPP Agencies
  • Public Sector Managers
  • Export Credit Agencies
  • Multilateral Agencies
  • Accountants/Taxation Advisers
  • Financial Analysts
  • Share market Analysts/Brokers
  • M&A/Buyout Specialists
  • Privatization Executives
  • Company Treasurers/Directors
  • Credit Committee Staff
  • Rating Agencies
  • Project Managers/Engineers
  • Project Consultants
  • Investment/Portfolio Managers
  • Insurance Advisers/Brokers

About the course

Enhance your structuring, funding, legal and market knowledge with this advanced course.

This course will take place over video conferencing technology. To find out more contact learning@euromoney.com

The Advanced Project Finance Workshop represents Module 1 of the Project Finance Academy.

This program is divided into five modules that can be attended in full or booked separately:

  • Module 1: Advanced Project Finance (4 days)
  • Module 2: Cashflow Modelling for Project Finance (1 Day)
  • Module 3: Oil, Gas and Mining Project Finance (1 Day)
  • Module 4: Renewable Energy Project Finance (2 Days)
  • Module 5: Infrastructure Finance and Public Private Partnerships (PPP) (2 Days)

A rapid paced discussion of key aspects of project structures, at its conclusion participants will be able to break analysis into its component parts. They will have gained techniques for assembling market information, making qualitative judgments, developing key agreements and conducting thorough quantitative financial analysis of projects.

This portion of the program also identifies the many sources of finance and risk support available for projects. From bank markets, and bond issuance, to leasing and other foreign and local currency funding alternatives, highlighting their differences, requirements, and investor concerns.

The module also pays careful attention to the many techniques for enhancing the terms of funding provided by official players like Export Credit Agencies, development banks and private risk insurers.

Agenda

Day One Themes: Structuring Projects and Creating a Security Package; Oil and Gas Projects

Project Finance Overview

  • Current Challenges /Approaches
  • Who are the Players? Identifying and Allocating Risks
  • What Can Go Wrong?
  • Examples from the Energy Sector
  • Financing Infrastructure

Various Projects and Approaches to Risk Identification

  • Across Sectors
  • Risks in Development,
  • Construction, and Operating Risks
  • Feedstock and Supply
  • Market Risks
  • Environmental Risks
  • Financial Risks
  • Political and Regulatory Risks

Sources of Finance: Financing Checklist

  • Domestic and Foreign Banks
  • Bond Markets
  • Development Banks, ECAs and Other Official Creditors
  • Leasing
  • Islamic Finance
  • Sources of Equity

Cashflow Forecasting

  • Financial Modeling and Cash Flow Analysis
  • View of Lenders: DSCR and PV Coverage
  • Equity Considerations: IRR and NPV
  • Approaches to Evaluating the Cost of Capital
  • Project Returns vs. Equity Returns
  • Forecasting Techniques and Limitations
  • Probabilistic vs. Non-Probabilistic Model-Building

Case Study:

Working with Cash Flow Modeling Software to Finance a Gas Processing Plant Participants break into small groups to prepare a case study that analyzes a fertilizer project. A computer simulation will be used to model cashflows. Groups will present their solutions.

End of Day One

Day Two Themes: Sources of Finance and Credit Enhancement; Power Projects

Legal Issues and Documentation

  • Legal Environment and Regulatory Conditions
  • Commercial Points and Legal Points in Various Project Structures:
  • Key Contractual Agreements and Structuring Considerations
  • Developing a Term Sheet
    • Limiting Recourse
    • Tax Gross Up Issues
    • Market Disruption Provisions
    • Reps and Warranties
    • Conditions Precedent
    • Covenants Including MAC Clauses
    • Hedging Requirements

Sources of Finance

  • Banks and the Current Club Loan Market
  • Syndicated Loan Financing
  • What Security do Banks Want?
  • Market Flex Clauses
  • Development Bank "A" and "B" Loans and Other Funding Sources
  • Inter-creditor Issues

Credit Enhancement Alternatives

  • Guarantees and Insurance vs. Funding
  • Buyer and Supplier Credits
  • Bank Incentives Inherent in ECA Programs
  • Costs and Availability
  • Securitization of ECA Guarantees
  • Choosing a Special Purpose Vehicle

Liberalizing Power Markets

  • Market Forces and Effect on Electrical Supply
  • Fragmentation of Electricity Generation
  • Generating, Transmission, Distribution
  • Merchant Power Plants (MPPs)
  • Rating Agencies' Analytical Model

End of Day Two

Day Three Themes: More Financing Sources and Structuring Considerations; Renewable Power Project Transactions

Case Study:

Financing a Power and Desalination Facility

Risk allocation among various project participants to finance and construct a power plant. Testing the project's cash flows under varying scenarios with a cash-flow simulation model. What are acceptable DSCR levels? What returns does equity look for?

Capital Markets Applications

  • Private Placements and Eurobond Issuance for Projects
  • Comparing Bond Issuance to Bank Loans
    • Nature of Investors, Timing and Flexibility
    • Project Size and Relative Cost
    • Security Requirements
    • Negative Arbitrage Issues
    • The Due Diligence Process / Road Shows
    • Rating Agency Considerations

Islamic Finance

  • Definitions, Principles, and Authoritative Sources
  • Structures: Murabaha, Istisna and Ijara
  • Examples of Petrochemical and Other Transactions

Leasing and Project Finance

  • Leasing Applications in Projects
  • Evaluating Cost

End of Day Three

Day Four Themes: Risk-Management with Derivatives; Development Banks and Other Official Creditors and risk Enhancement; Transportation Projects

Transportation Projects and Other Infrastructure

  • Public Private Partnerships (PPP) Principles
  • Roles for the Public and Private Sector
  • Different Structures and Degrees of Private Participation
  • Outright and Partial Government Ownership
    • Long-term Concessions
  • Roads, Railroads, Airports, Ports and Other

Exercise: Constructing a Risk Matrix

Case Study:

Airport Finance; Negotiating a Term Sheet.

Participants will break into groups to work on this project structure. Discussion will focus on project risks, their allocation through contracts, the mix of financing, cash flow projections, as well as rating agency considerations in evaluating the proposed financing structure.

Self-test and Wrap-up

End of Day Four

Experts

Meg Osius

Ms. Osius designs and delivers executive level training sessions as well as providing consulting services to a wide variety of organizations worldwide. Specializing in international project finance, capital markets, and risk management, she works with corporate investors, private and development ...

Videos and materials

Advanced Project Finance (m1 of Project Finance Training Week) at Euromoney Learning Solutions

From  GBP 3 295$4,638

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Disclaimer

Coursalytics is an independent platform to find, compare, and book executive courses. Coursalytics is not endorsed by, sponsored by, or otherwise affiliated with any business school or university.

Full disclaimer.

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