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The Second Edition of this best-selling introduction for practitioners uses new material and updates to describe the changing environment for project finance. Integrating recent developments in credit markets with revised insights into making project finance deals, the second edition offers a balanced view of project financing by combining legal, contractual, scheduling, and other subjects. Its emphasis on concepts and techniques makes it critical for those who want to succeed in financing large projects. With extensive cross-references and a comprehensive glossary, the Second Edition presents anew a guide to the principles and practical issues that can commonly cause difficulties in commercial and financial negotiations. - Provides a basic introduction to project finance and its relationship with other financing techniques - Describes and explains: sources of project finance; typical commercial contracts (e.g., for construction of the project and sale of its product or services) and their effects on project-finance structures; project-finance risk assessment from the points of view of lenders, investors, and other project parties; how lenders and investors evaluate the risks and returns on a project; the rôle of the public sector in public-private partnerships and other privately-financed infrastructure projects; how all these issues are dealt with in the financing agreements
The term "project finance" is now being used in almost every language in every part of the world. It is the solution to infrastructure, public and private venture capital needs. It has been successfully used in the past to raise trillions of dollars of capital and promises to continue to be one of the major financing techniques for capital projects in both developed and developing countries.Project Finance aims to provide: *Overview of project finance*Understanding of the key risks involved in project finance and techniques for mitigating risk*Techniques for effective evaluation of project finance from both a financial and credit perspectiveThe author differentiates between recourse and non-recourse funding, tackles the issues of feasibility, identifies the parties normally involved with project finance plans, and details techniques for realistic cash flow preparation.*Inspired by basic entry level training courses that have been developed by major international banks worldwide*Will enable students, and those already in the finance profession, to gain an understanding of the basic information and principles of project finance*Includes questions with answers, study topics, practical 'real world' examples and an extensive bibliography
Praise for Project Financing, First Edition "Owing to his teaching as a finance professor and as an experienced investment banker, John Finnerty brings to his book, Project Financing, an insightful perspective, blending the theoretical with the practical." —Zoltan Merszei, former chairman, president, and CEO, The Dow Chemical Company "Finnerty has managed to distill the complexities of project financing with its myriad components and variations. Clear, practical, and in-depth, Project Financing is a valuable user's guide for project sponsors, regulators, host governments (local and foreign), and financiers alike." —Ricardo M. Campoy, Director, Kilgore Minerals Ltd. "Project Financing warrants a place in the essential libraries of corporate financial managers, their advisors, senior strategists, bankers, large private investors, government officials, and anyone who aspires to master innovation in corporate finance." —Robert F. Bruner, Dean and Charles C. Abbott Professor of Business Administration, Darden Graduate School of Business Administration, University of Virginia "This book is the first comprehensive treatment of project financing. It provides an invaluable contribution to financial management literature and practice." —Andrew H. Chen, Distinguished Professor of Finance, Southern Methodist University
Providing a wide focus on financial techniques and sector coverage on an international scale, this book gives a thorough treatment of the basic principles which affect the structuring and documentation of project financings. It studies structural, legal and contractual differences between the different sectors using project financing techniques.
Raise the skill and competency level of project finance organizations Project Finance for Business Development helps readers understand how to develop a competitive advantage through project finance. Most importantly, it shows how different elements of project finance, such as opportunity screening and evaluation, project development, risk management, and due diligence come together to structure viable and financeable projects—which are crucial pieces missing from the current literature. Eliminating misconceptions about what is really important for successful project financings, this book shows you how to develop, structure, and implement projects successfully by creating competitive advantage. By shedding light on project finance failures, it also helps you avoid failures of your own. • Offers a roadmap for successful financing, participant roles and responsibilities, and assessing and testing project viability • Considers project finance from a broad business development and competitive advantage • Provides a strategic decision-forecasting perspective • Delves deeper than existing treatments of project finance into decisions needed to create and implement effective financing plans Helping readers develop, structure, and implement projects successfully by creating competitive advantage, this book is a useful tool for project sponsors and developers, helping them structure and implement projects by creating competitive advantage.
Stefano Gatti describes the theory that underpins this cutting-edge industry, and then provides illustrations and examples from actual practice to illustrate that theory.
Published in association with the Intellectual Property Institute, this title provides a focal point for discussion of policy issues in intellectual property law and their effects on industry. It provides emphasis on interdisciplinary issues of policy, drawing together legal, economic, industrial, technical, managerial and statistical viewpoints
Project finance has spread worldwide and includes numerousindustrial projects from power stations and waste-disposal plantsto telecommunication facilities, bridges, tunnels, railwaynetworks, and now also the building of hospitals, educationfacilities, government accommodation and tourist facilities. Despite financial assessment of PF projects being fundamental tothe lender’s decision, there is little understanding of howthe use of finance is perceived by individual stakeholders; why andhow a financial assessment is performed; who should be involved;where and when it should be performed; what data should be used;and how financial assessments should be presented. Current uncertainty in financial markets makes many sponsors ofconstruction project financings carefully consider bank liquidity,the higher cost of finance, and general uncertainty for demand.This has resulted in the postponement of a number of projects incertain industry sectors. Governments have seen tax receiptsdrastically reduced which has affected their ability to financeinfrastructure projects, often irrespective of the perceiveddemand. Equity providers still seek to invest, however there areless opportunities due to market dislocation. Due to the demand forglobal infrastructure it is believed that project financings willreturn to their pre-crunch levels, or more so, howeverlenders’ liquidity costs will be passed on to the borrowers.Lenders will also be under stricter regulation both internally andexternally. The steps outlined in the guide are designed to provide a basicunderstanding for all those involved or interested in bothstructuring and assessing project financings. Secondary contractsinvolving constructors, operators, finance providers, suppliers andofftakers can be developed and assessed to determine theircommercial viability over a projects life cycle. Special Features a structured guide to assessing the commercial viabilityof construction projects explains economic metrics to use in the decision makingprocess detailed case study shows how stakeholders apply the concept ofproject finance
What is project finance? What makes project or structured finance so relevant for large renewable energy infrastructure? Which vocabulary do I need to know in order to speak the same language during meetings with lawyers, investors, bankers and engineers? These questions and many more are answered throughout this book, offering real world examples to bridge the gap between theory and practice. The book details the role of each stakeholder in the development of renewable energy projects, the interconnection between all the agreements, the financial process from fundraising to financial close, the processes of due diligence, risk analysis, project investment valuation and much more. It also provides with an introduction to Portfolio Management using renewable energy assets and an explanation of the role of Climate Finance in green energy investments. The commented glossary enables readers to unpick the jargon used in project finance for renewable energy, and the numerous creative figures and comprehensive tables aid with understanding. Offering a complete picture of the discipline, Introduction to Project Finance in Renewable Energy Infrastructure will be of value to professionals, engineers and academics alike interested in understanding the process and components of project finance in renewable energy infrastructures, in both private and public-private contexts.