Financing Agreements in Project Finance

Euromoney Learning Solutions

How long?

  • 2 days
  • in person

What are the topics?

Euromoney Learning Solutions

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About the course

This practical two-day course, Financing Agreements in Project Finance, examines the role of project documents, taking into account the perspectives of the lender, sponsor and offtaker, before moving on to a more detailed overview of the Power Purchase Agreement/Concession Agreement, the Turnkey Construction Contract, and Operation and Maintenance Agreements. Through practical workshops and exercises, you will analyse the key provisions of an agreement to identify key areas of bankability.

The second day of the course introduces each of the basic financing agreements (loan agreement, Intercreditor agreement, security documents and sponsor support), to analyse their distinct characteristics and typical provisions.

Learning Outcomes:

  • Understand the role of project documents
  • Review the concession contract, power purchase agreement, turnkey construction contract, and operation and maintenance agreements
  • Understand risk allocation and learn how to apply risk allocation techniques
  • Analyse key provisions of project loan agreements
  • Examine the security documents
  • Review direct and sponsor support agreements
  • Learn effective documentation techniques
  • Explore the main covenant issues

Methodology

This course combines formal instruction and presentations with case studies, practical exercises and group discussions to reinforce key learning points and ensure the training experience is relevant and engaging.

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 Crothers

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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Financing Agreements in Project Finance at Euromoney Learning Solutions

From  3495 EUR$4,107

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