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Available dates

Dec 2—5, 2019
4 days
USD 4995
USD 1248 per day


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About the course

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

The course will start with 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 agreement and conducting thorough quantitative financial analysis of projects. This module further identifies the many sources of finance and risk support, from bank markets, to bond issuance, leasing and other foreign and local currency funding alternatives, highlighting their differences, requirements and investor concerns.

It will also identify 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, it highlights their differences, requirements and investor concerns. Effective application of interest rate, currency and commodity derivatives is described.

It 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.


Day 1

Themes: Structuring Projects and Creating a Security Package; In-depth Study of a Gas Processing Plant **

  • 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 Modelling 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 Modelling Software to Finance a Fertilizer Plant Participants break into small groups to prepare a case study that analyses a fertilizer project. A computer simulation will be used to model cashflows. Groups will present their solutions

Day 2

Themes: Documentation and Sources of Finance and Credit Enhancement; Financing Transportation Infrastructure**

Case Discussion

  • Legal Issues and Documentation

    • Legal Environment and Regulatory Conditions
    • Commercial Points and Legal Points in Various Project Structures:
    • Incorporated and Unincorporated Joint Ventures
    • Partnerships and Limited Partnerships
    • 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

Case Study: Financing a Gas-fired 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?

Day 3

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

Case Discussion

  • Using Capital Markets for Projects

    • 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
  • Leasing Applications

    • Leasing Applications in Projects
    • Evaluating Cost
  • Renewable Energy Projects

    • Growth of the Market and Various Types of Renewables
    • Compared to Traditional Fossil Fuel Burning Plants
    • Project Economics
    • What is Driving the Investment?
    • Government Incentives in Various Countries

Case Study: Financing a Utility Scale Solar Photovoltaic (PV) Facility

Participants will break into groups to work on a renewable power project. Case considers sector and specific project risks, including their allocation through contractual undertakings of various players. The mix of finance is discussed as well as accessing capital markets and rating agency considerations. Cash flow projections and resource probability estimates are central to analysis

Day 4

Themes: Risk-Management with Derivatives; Using Development Banks; Transportation Projects

  • Price Volatility and Risk Management with Derivatives

    • Financial price movements today: volatility and risk
    • Commodity-linked derivatives and securities
    • Interest Rate and Currency Swaps to Manage Risk
    • Options: Caps, Floors and Collars
  • Roles for Development Banks and Agencies

    • World Bank Group
    • Regional Multilateral Development Banks (Asian Infrastructure Investment Bank, Asia Development Bank, Africa Development Bank, EBRD, EIB, Inter-American Development Bank, Islamic Development Bank, Others)

Bilateral Agencies (FMO, DEG, OPIC, Proparco, etc.)

  • 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 PPP 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.v Projects and Creating a Security Package; In-depth Study of a Gas Processing Plant

Who should attend

  • 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

Trust the 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 ...


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