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Power Purchase Agreements
According to the IEA “More than 70% of the $2 trillion required each year in energy supply investment either comes from state-directed entities or receives a full or partial revenue guarantee.” This revenue guarantee is typically offered as a Power Purchase Agreement in the electricity sector and therefore a crucial element in a project finance environment for IPPs. Bankability of PPAs is especially challenging as most electricity demand growth takes place in emerging countries with offtaker’s creditworthiness at least questionable. Therefore the bankability of PPAs is not only driven by complex contractual clauses within the commercial agreement but by the power sector and country context embedding the foreign invested IPP. More often than not, the project set up requires additional credit enhancements instruments backing the PPA to reach financial close.
This PPA workshop will draw on a database of some 100 PPAs from across the world and all types of power generation technologies. We will further discuss a wide range of country and project case studies from Emerging Markets and compare them with international experience in the power sector. The seminar experience will require interactive involvement of the delegates to discuss cases, conduct exercises and thorough reading of legal documents.
This course draws on a database of some 80 PPAs from around the world covering all type of power generation technologies. It discusses case studies from Emerging Markets and compares them with international experience in the power sector. The seminar experience will require interactive involvement of the delegates to discuss cases, conduct excel exercises and read legal PPA documents.
Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2.
The Context Of The IPP Within The Power Sector
Power Market Structures from Horizontal and Vertical Unbundling to Privatization
Difference of Single Buyer PPA and Wholesale market PPA
Importance of Energy System Planning and Public Procurement of IPPs
Competiveness and Transparency within Tenders and Unsolicited Proposals
Local content and potential conflicts of interest
Mexico power sector reform: from zero to heroe
Vietnam's IPPs Sector Toward Market Liberalisation
South Africa best practice IPP procurement program or not?
Context of the PPA within the project set-up
Main risks of an IPP during developing, construction and operation
Role of project contracts to mitigate risks
Why a PPA at all and the fit into the overall project set-up
Understanding the link to Project Finance
Lenders requirements and debt ratios
CASE STUDY: Financial Structure of Oman Sohar2 Natural Gas IPP
Overall structure of a PPA
Definition of commercial terms
Risk to bankability
Obligations and Undertakings of each party
Conditions Precedents to be on the safe side
PPA Definitions and Annexes
GROUP WORK: Seller & Buyer Role Play getting to terms
PPA Timing and Milestones
From Signing to Expiry Date
Scheduled Dates, Actual Dates and Events
Changing Rights and Obligations at each dates
Release of obligations in certain events
Pre-COD and Post-COD periods
Periods to exercise rights, notify and cure
Termination rights not meeting milestones
GROUP WORK: Analysis & Comparison of two PPA timelines as the core framework for allocating risk between seller and buyer
Pre-Commercial Operation Date Period
Back to back requirements with the EPC contractor
Development bonds, Performance Bonds and Letter of credits
Fine tuning with the Fuel Supply Agreement and Interconnection Agreement
Bankable Insurance program for the IPP and EPC contractor
Delays caused by lack of utilities, equipment, grid connection and conditions of site
Definitions of achieved, declared, contracted and minimum capacities
Delay and Performance Liquidated Damages – calculation and different structures
Testing & Handover procedures and risk to achieve COD on time
Declaration of Commercial Operation Date – an idea becomes reality
Deemed COD, Capacity and Energy – as-of clauses to keep going
Post-Commercial Operation Date Period
Invoicing, Billing and Payments procedures or show me the money
Impact on working capital requirements and bankability
Availability, Planned Maintenance Outages and requested changes
Timing and Charges for Black, Cold, Warm and Hot start
Requirements for heat rate, fuel specifications, quality and storage
Prudent Utility Practice, emergency procedures and manufacturer warranties
Non-discriminatory economic dispatch and conflict of interest
Allowed Grid Unavailability Periods, Curtailment and Deemed Energy provisions
Events beyond Business-As-Usual
Lenders Step-in Rights
Political and Natural Force Majeure Events
Changes of Law and Stabilization clauses
Consequences of Force Majeure and Changes of Law
Seller or Buyer Event of Default
Termination rights of PPA by either side
Put and Call options and buyout pricing methodology
GROUP EXERCISE: Structured Risk Allocation between Seller and Buyer
Throughout the day delegates will work through a long list of questions on each topic to identify the risk taking on by the Seller and Buyer respectively by analysing sample clauses from a range of fuel based and renewable PPAs.
PPA Tariff Structures
Understanding Levelized Cost of Electricity, Cost of Capital and their impact on tariffs
Tariff Structures for fuel based and intermittent power generation technologies
Take-or-Pay versus Take-and-Pay contracts
Capacity and Energy Charge and Pass-Through Clauses
The rational for indexation and escalation of local, foreign inflation and currencies
Seasonal weighting factors in a PPA
Locational Marginal Pricing and grid charges
Competitive Tenders for Tariffs with Cost Openers
Marginal Cost and the Merit Order Effect in competitive wholesale electricity markets
Contract for Differences, Sleeved and Synthetic PPA structures
CASE STUDY: Split tariff and indexation in Egypt and Bangladesh PPAs
GROUP EXERCISES: Tariff simulation and sensitivity analysis of key variables for various types of remuneration schemes
OFFTAKER’s CREDIT WORTHINESS and CREDIT ENHANCEMENT INSTRUMENTS
Quasi fiscal deficit and non-cost reflective tariffs within emerging markets
Corporate offtakers as the new kids on the block
Credit Support for Offtaker and Project Company's Obligations
Escrow Accounts and Structural measures as liquidity facilities
Government guarantees and limitations in obtaining them
Partial Risk Guarantee and the requirements of an indemnity agreement
Political Risk Insurance covering debt and equity providers
Currency Convertibility risk and difficulties to mitigate them
Currency risk hedging and risk guarantee fund
Local currency lending
Export Credit Agencies, Developments Finance Institutions and Multilateral Banks
- Indonesian Infrastructure Guarantee Fund buffering PLN payments
- Azura-Edu gas power project– the white unicorn in Nigeria
- AES Tiete: Expansion plant in Brazil
- Bujagali Hydro Power project in Uganda from trouble to
- GuarantCo and TCX going where nobody dares to go
- Lake Turkana Wind project – it had to happen…late
- TermoEmcali Colombia Natural Gas Project
- IFC and the Tata Mundra Power Plant in India
- …plus selective other case studies according to upcoming discussions!
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
- Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
BiographyChristian is an independent financial advisor with some 18 years’ experience in the power & renewable sector.He started out his career in a leading North European Strategy Consultancy, where he made substantial contributions to build the energy practice within the firm. He developed and implemented innovative distributions concepts for utility clients to face the competitive challenges of the newly liberalized German electricity market.In 2002, anticipating the tectonic shifts to arrive in the energy sector by renewables, Christian decided to set-uphis own advisory boutique to serve exclusively the renewable energy sector. In the following years, Christian,supported world leading Utilities, IPPs and Private Equity Investors, such as Iberdrola, AES, RWE, OMV, EnglefieldCapital and Hudson Clean Energy Partners to thoroughly assess international market opportunities andsuccessfully assemble project portfolios across mature and emerging European renewable markets. Based onthis work his clients were able to realize their investment strategy via the acquisition of local partners, greenfieldand operating wind, solar, biomass, geothermal or hydro projects with pipelines of many thousands MWcapacity.Christian became a recommended speaker at leading international energy conferences on topics of marketattractiveness and investment drivers for renewables. He formed part of the Working Group ‘Financing theEnergy Turnaround’ in Frankfurt and was one of the first members of the European Technology Platform forWind Energy, as well as of EWEA, ACORE, LAWEA, EUBIA, ESHA and EGEC.Since ten years, Christian, focuses on the particular challenges of power projects in emerging markets, such asBulgaria, Turkey, Egypt, Georgia, New Zealand, Taiwan SAR, South Korea, Mexico, South Africa or Pakistan. He flagsrisks to international investors coming from regulatory environment, grid connection and competitors. Developers are supported to raise equity, mitigates risks via the creation of international project consortia and achieve project finance bankability with domestic and international lenders.Since five years, Christian has successfully delivered energy finance training to hundreds of executives from morethan 80 countries in plus 50 seminars in the UK, Germany, Spain, Italy, Denmark, The Netherlands, UAE, the US,Chile, Mexico, Brazil, South Africa, Egypt, Georgia, Cote d’Ivoire, Indonesia and Hong Kong SAR. Additionally he servedas a lecturer in the Renewable Energy Finance Studies Program of the Frankfurt School of Finance andManagement.Delegates come from leading financial institutions, industrial corporations and governments such as e.g.IFC, FMO, GIZ, IFU, Obviam, KfW, HBOR, European Investment Bank, UNDP, Asian Development Bank, AfricanDevelopment Bank, African Finance Corporation, JBIC, Industrial Development Corporation, Banco Santander,Enel, E.ON, Vattenfall, Endesa, Eskom, Total, Sumitomo, Gamesa, Siemens, Akka Enerji, Akzo Nobel, BP, Shell,Abengoa, Energomontaza, Mitsubishi, SgurrEnergy, PwC, Investec, RES, The Crown Estate, Coca-Cola,Procter&Gamble, Pacific Gas & Electric, Omrom, OFGEM, Munich Re, AES, Alstom, Schneider Electric, AvengGroup, Air Liquide, NEPRA, Saudi Aramco, King Saud University, Swicorp, Qatar Petroleum, K.A. CARE.Some of the topics delivered include Renewable Technologies & Economics, Independent Power Projects, ProjectFinance, Financial Analysis & Structuring, Risk Mitigation, Loan Term Sheets Elements, Power PurchaseAgreements, EPC and O&M contracts, Resource Assessments, Government Tenders and Policy Incentives,Electricity Market Structures & Liberalization, Electricity Pricing, Project Transactions & Valuations, InnovativeRenewable Business Models.Due to his versatile experience and personality, Christian has the ability to quickly relate to and leverage differentcultural and professional backgrounds of delegates. His objective is not only to train passionately on fascinatingenergy finance topics, but to deliver a seminar experience, where delegates weave together as a group of personsand exchange not merely business cards, but ideas to spur business beyond.Christian holds an MSc in Industrial Engineering and Management from the Technical University of Berlin and isa qualified RYA Yachtmaster Ocean Instructor. He is trilingual in English, Spanish and German and conversationalin French.
Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.
Dubai has an incredible number of hotels. Courses held here are mainly held at the:
Nassima Royal Hotel
Plot 49 Sheikh Zayed Road, Trade Centre District Dubai, United Arab Emirates
Nassima Royal Hotel is a modern, stylish, luxury hotel on Sheikh Zayed Road. Towering at 51 stories, the hotel offers stunning views over Dubai and its iconic landmarks.
You can also view other recommended hotels on this map: