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Euromoney Learning Solutions

Financing Agreements in Project Finance

Dec 9—10, 2019
2 days
Paris, France
EUR 3295 ≈USD 3667
EUR 1647 per day

How it works

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Description

Basic project finance techniques applied to well structured deals are still the rule. Sponsor support is often a deal breaker. Many PPPs are combining Viability Gap Financing along with commercial lending and concessional loans.

Course Highlights Include:

  • Understanding the role of project documents
  • Reviewing the concession contract, power purchase agreement, turnkey construction contract, and operation and maintenance agreements
  • Understanding risk allocation
  • Analysing key provisions of project loan agreements
  • Examining the security documents
  • Considering both direct and sponsor support agreements
  • Learning effective documentation techniques
  • Explore the main covenant issues

Methodology

This course:

  • Focuses on the different documents involved
  • Analyses key provisions of project loan agreements
  • Explores security, direct & sponsor support agreements
  • Describes effective documentation techniques
  • Reviews main covenant issues

Agenda

Day 1

The Role of the Project Documents

  • Overview of what constitutes ‘project documents’ and their role in a project
  • Lender’s perspectives as compared to sponsors and offtakers

The Power Purchase Agreement Presentation of key issues of bankability in a power purchase agreement/concession agreement, including:

  • Different structures available: take or pay, minimum take, merchant
  • Entry into operation
  • Site/existing assets
  • Payment structures
  • Payment security
  • Step-in rights
  • Termination
  • Dispute resolution

Workshop: The Power Purchase Agreement/Concession Contract Delegates will analyse provisions of a power purchase agreement and concession agreement to identify key areas of bankability.

Turnkey Construction Contract Presentation of turnkey construction contracts and key issues of bankability, including:

  • Single point responsibility
  • Fixed price
  • Date certain
  • Liquidated damages for delay and performance
  • Warranties
  • Termination
  • Dispute resolution

Operation and Maintenance Agreements

Presentation of key issues of bankability in O&M agreements

  • Different structures available
  • Guarantees
  • Duration
  • Dispute resolution

Workshop: Risk Allocation Delegates will be split into groups and will examine a case study using risk allocation techniques.

Day 2

Introduction to Financing Agreements

  • What are financing agreements?
  • Main particularities and typical provisions of each of the basic financing agreements will be analysed: – Loan agreement – Intercreditor agreement – Security documents – Sponsor support
  • Dealing with International Financial Institutions

  • Lenders of last resort/preferred creditors

  • A loan & B loan

Analysing the Loan Agreement

  • The term sheet
  • Overview of the structure and content of a syndicated loan agreement
  • Key project covenants

Examining the Security Documents

  • Representations and warranties
  • Affirmative and negative covenants
  • Events of default

Explaining the Support Agreements

  • The significance of support agreements
  • The sponsor’s role
  • Forms of support from sponsors
  • Key provisions

Experts

John D. Crothers is a partner in the Paris office of Gide Loyrette Nouel. His practice concentrates on project finance, banking and privatisation in both the developing and developed world.John has advised international financial institutions, concession companies, operators, contractors and bidd...

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Next dates

Dec 9—10, 2019
2 days
Paris, France
EUR 3295 ≈USD 3667
EUR 1647 per day

How it works

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