Claiming Back Your VAT
All attendees of a London based course incur VAT as a part of the cost of attendance.
Euromoney Learning have partnered with VAT IT to allow you the unique opportunity to recoup the VAT incurred.
Using VAT IT's extensive experience and simple sign-up and refund process, every invoice can be turned into cash for your business.
Claim the VAT that's rightfully yours in four simple steps:
1. Register your interest
2. Sign a few simple documents
3. VAT IT processes your claim
4. Receive your refund
Why choose VAT IT
VAT IT have spent two decades identifying, researching and perfecting the foreign VAT Reclaim process and built the best back end technology in the industry. By partnering with Euromoney Learning, we can provide you with a fast and effective way to reclaim your VAT which helps reduce the cost of your training.
VAT IT will charge a percentage of the VAT refund if/when it is successful.
Can I claim back the VAT myself?
You can claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form.
For European clients, please refer to form VAT 65.
All other clients, please refer to form VAT 65A.
You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.
Finance & Contract Analysis for Independent Power Projects (IPPs)
This intensive, hands-on course will provide a comprehensive analysis of issues associated with independent electric power projects ranging from economic analysis of PPA contracts to financial modelling of projects.
In working through analysis of projects, a mixture of case studies, lectures and analytical exercise will be used to evaluate electricity price forecasts, debt structuring, technology choice, cost of capital, and architecture of financial models.
The course will feature:
Understand the objectives, theory, public policy and nuances of risk allocation between investor and off-taker for availability, heat rate, commissioning delay, operating costs, fuel prices, construction expenditures and capacity factor.
Learn the importance of debt structuring in measuring project risk and measuring project value and the effect of different financing structures on PPA bidding strategies through computing required PPA prices in financial models to meet IRR and DSCR targets.
Create flexible and transparent financial models of independent power projects from A-Z that incorporate availability risk; heat rate risk, operating cost risks, financing structure, tax treatments, alternative pricing policies and other factors.
Prepare economic analysis that evaluates tradeoffs between penalty provisions and PPA costs such as increasing availability penalty relative to required operation and maintenance costs as well as evaluation of PPA tariffs relative to the long-run marginal cost of electricity.
Measure and evaluate changes in the risk of projects over different stages of the project and how equity returns and asset value change if purchases and sales occur at different phases of a project's life.
Learn practical tools to analyse details of power projects including efficient tools to work with supply and demand data; creating flexible scenario and sensitivity analysis to evaluate efficiency and availability risk, construction risk, O&M risk and debt structuring; developing techniques to resolve circular references related to funding debt and sculpting debt without copy and paste macros.
Work through implementation of risk allocation in PPA tariff design and evaluation of off-taker risk and off-taker financial analysis.
The course is delivered using a mixture of hands-on analytical exercises, case studies and lectures in order that participants can learn from each other as well as from the course leader. In addition to development of skills in the course, participants will receive a series DVD containing a range of relevant models, business cases, articles and documents for further reference.
As a participant in the course, you will create a variety of exercise including a project finance model from A to Z that includes working through economic assumptions, developing alternative construction scenarios, evaluating tariff components, constructing a cash flow waterfall and resolving painful circular references. The case studies are also used to demonstrate how break-even analysis, scenario analysis, tornado diagrams, time series equations and Monte Carlo simulation can be used to analyse risk with project finance models of independent power projects.
In creating analyses, some participants will be particularly interested in adding excel features such as VBA with macros, flexible graphs, alternative circularity resolution, vintage depreciation and indirect functions to their project finance models. To accommodate people who are interested in technical programming subjects, added sessions will be held after at the end of the first and second days of the course.
"The instructor was extremely knowledgeable and went out of his way to answer questions with examples" - delegate from Saudi Aramco
INTRODUCTION: The most common structures of loan transactions
- Single banks and syndicated loan
- Term loans and revolving credit facilities
- Single currency and multi-currency facilities
- Loan and guarantee facilities
- Secured and unsecured facilities
- What issues should it address
- How much detail should it contain
- Is it intended to create a legally binding commitment
LIBOR funding and broken funding costs
This session will involve consideration of how the Eurocurrency interbank markets work and the consequences in the documentation in terms of
- Interest rates and interest periods
- Broken funding costs (and profits)
- Default interest
Here we will look at withholding tax, double taxation treaties, and the consequences for the loan documentation
OVERVIEW AND ADMINISTRATIVE PROVISIONS
This session will involve an overview of the Loan Agreement and how it is structured to protect the Lender, and an examination of some of the “mechanical” provisions of a typical loan agreement, such as the payments clause and the procedures to be followed on drawdown
- Drawdown procedures
- Repayment and prepayment
Delegates will consider the purpose of the representations. Typical representations will be considered, including common comments from either side.
As homework, participants will review a specimen loan agreement t identify conflicts between different provisions
Day 2Repeated representations
We will review the homework; the impact of repeating representations; and the interrelations between different parts of the document, both in a term loan and in a revolving credit
COVENANTS AND EVENT
Typical covenants and events of default will be discussed, including
- Financial covenants
- Cross default
- Material Adverse Change
GLOSSARY OF TERMS
BOILERPLATE PROVISIONS AND LOAN TRANSFERS
- Set-off clause
- Agency clause
- Pro rata sharing clause
- Loan transfers
- Sub participations
Homework Exercise - Calculate the likely recoveries of different classes of creditors in a winding up
Day 3Different types of security will be considered, including
SECURITY AND QUASI SECURITY
- charges (fixed and floating);
- title as an alternative
- security on contracts
- Commercial benefit and transactions at an undervalue
- Common provisions of a guarantee
- What issues are relevant?
- Where to conduct due diligence
- Legal opinions
Registration and Welcome Coffee
- Review of Key Loan Agreement Issues
- “Relevant Companies”
- Conflict between representations, conditions precedent, undertakings and events of default
- The pari passu clause
- The negative pledge
- The cross default clause
- The material adverse change clause
- Linking the loan to the borrower`s rating
- “material”, “reasonable” worth the debate?
- Grace periods
- Prepayment events
- Subjectivity and control in the context of events of default
- Participants will consider a number of borrower’s comments on the Loan Agreement
- This exercise will highlight key topics within Representations, Undertakings, Events of Default, and Boilerplate, including
- Repeated Representations
- Negative Pledge
- No Disposals
- Cross Default
- Material Adverse Change
- Governing law and jurisdiction
- What courts have jurisdiction to deal with disputes in an international context? What law will they apply?
- In what circumstances might obligations be avoided or become unenforceable?
- Financial assistance
- Ultra vires
- Commercial benefit
- Transactions at an undervalue
We will review a number of different intercreditor agreements relevant to different circumstances
End of Course
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
BiographyEd has created innovative forward pricing, productivity measurement and investment valuation software for consulting clients throughout the United States. He has taught energy economics and finance throughout the world, and formulated significant government policy and corporate strategy in the U.S. His consulting clients include investment banks, commercial banks, research institutions and government agencies on a wide variety of complex valuation and advisory matters. He has constructed a unique framework for electricity price forecasting and valuation using production cost modelling techniques combined with option price theory and Monte Carlo simulation. He is also an adjunct professor at leading University where he teaches courses in microeconomics. Along with his practical experience that covers a multitude of major advisory projects, he has taught specialised courses in financial modelling, electricity pricing, option valuation, mergers and acquisitions and contracting to investment banks, commercial banks, industrial corporations and electric utility companies. He was formerly Vice President at the First National Bank of Chicago where he directed analysis of energy loans and also created financial modelling techniques used in advisory projects. He has used the models in providing expert testimony on subjects ranging from capital structure to investments in multi-billion dollar nuclear plants to complex valuation of new investments. He received an MBA degree specialising in econometrics (with honours) from the University of Chicago and a BS degree in finance from the University of Illinois (with highest university honours). He has written many articles and is in the process of completing a textbook on valuation of electricity assets.