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The course commences with the origins and early use of limited-recourse financing, then moves on to explain in detail:
- Why and when sponsors use project financing techniques
- The advantages/disadvantages of this type of finance
- The key sources of limited-recourse debt
- The risk/return position of the lenders and how this equation drives their behaviour in structuring the transaction.
- The lender’s approach to risk and how key risk factors drive structure and loan pricing
- How project models are built and used to balance equity against debt and to optimise debt amounts, maturity and repayment
The course examines the building blocks of project finance that are common across the industry and applies across all sectors. The building blocks section is split into three distinct modules;
- Qualitative risk assessment and mitigation – contract & economic base
- Quantitative risk assessment and debt structuring - cashflow model
- Project finance documentation
Delegates then progress to a study of the project financing challenges in the industry sectors listed below, using case studies and interactive work/group discussion to apply the skills and knowledge they have acquired.
The industry sectors that are covered in the course include
- Power Generation – Renewable Generation (largely non-dispatchable technologies) and Thermal Generation (largely dispatchable technologies).
- Transport Infrastructure – Roads, Airports, Light Rail Schemes & Ports. Comparing the “Availability” model to the Traffic/ Volume Risk model
- Social Infrastructure and PPP/PFI
- Oil & Gas – Financing Upstream, Midstream and Downstream Assets
This brand new agenda will enable you to:
- Analyse why and when sponsors use project financing techniques
- Widen your understanding of the project finance techniques and the jargon used
- Examine of the key sources of limited-recourse debt
- Appreciate of the lender’s approach to risk
- Understand how key risk factors drive structure and loan pricing
- Learn how project models are built and used to balance equity against debt
- Appreciate how project models are used to optimise debt amounts, maturity and re-payment
Delegates study project financing challenges in the industry using case studies and interactive work/group discussions to apply the skills and knowledge they have acquired.
How You Will Learn
Real-world examples and interactive work/group discussions covering project financing challenges, will reinforce theory and knowledge acquired
Case studies include: Risk identification and using IMAAA; Prepare your Bid; Review a Term Sheet; Review of the A1 Motorway Project in Germany