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Course details

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Financing Independent Power Projects (IPPs)

Comprehensive coverage, analysis and modelling for Independent Power Projects
  • "The instructor was extremely knowledgeable and went out of his way to answer questions with examples" – Saudi Aramco

    This intensive, hands-on course, Financing Independent Power Projects (IPPs), provides a comprehensive analysis of the issues associated with independent electric power projects ranging from economic analysis of PPA contracts to financial modelling of projects.

    In the analysis of various projects and case studies, 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.

    How will this course assist you?

    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 trade-offs 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

    Methodology

    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, all participants will receive a series DVD containing a range of relevant models, business cases, articles and documents for further reference.

    Practical exercises include creating 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.

    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 may 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 those who are interested in technical programming subjects, additional sessions will be held after at the end of the first and second days of the course.


    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.

  • Day 1

    How does private markets operate? Asset allocation, instruments, strategies

    Introduction

    • Private equity, private debt, private real assets: strategies and instruments
    • The private equity value chain
    • Levels of intermediation: direct/co-investment, funds and funds-of-funds
    • Challenges: Why is investing in private markets difficult?
    • Current debates: reputation, clichés and reality

    The three dimensions of private markets investing

    • Liquidity: measurement and constraints
    • Returns: measurement (IRR, MOIC, PME), comparison, dynamics and interpretation (net/gross)
    • Atelier: illustrating the limits of the IRR
    • Risks: measurement, limits
    • Benchmarking: data sources, quartiles (limits)
    • Current debates: lines of credit, cost of unused capital

    Asset allocation and private markets

    • Perspective on private markets: volumes, evolution, geographical and strategic breakdown
    • Risk-return-liquidity: setting up a portfolio (market neutral portfolio)
    • Top-down and bottom-up approaches
    • Business case (Yale endowment)
    • Current debates: numerator and denominator effect

    Private market funds: functioning and selection

    • Listed versus unlisted funds, fund managers and structures (LP, SIF, FPCI, SPAC, BDC, VCT,...)
    • Functioning of a fund (vintage year, investment and divestment period...)
    • Specificities: capital deployment, dry powder, J-curve
    • Functioning of a fund manager
    • Economics (fees, hurdle, carried, catch-up...)
    • Atelier: fund waterfall (US / European) illustration

    Q&A and wrap-up

    Day 2

    How to convince investors and keep them happy? Fund raising and structuring, investors relations

     
    Who are the investors and how do they think

    • Typology of investors and their priorities
    • Sources of capital and constraints
    • How do investors think?
    • What do investors want?
    • The big puzzle of alignment of interests
    • Current debates: number of fund relationship, one-stop shop, alignment of interests

    Fund raising: a permanent process

    • Setting the scene: number of fund managers, volumes raised, dry powder
    • The process of fund raising: timing, length, success rate
    • The ecosystem: placement agents, gatekeepers, sponsors, etc.
    • Atelier documentation: PPM, presentation, track record, pipe-line, pitch...
    • Specificities: track record, first-time funds, cycles
    • Current debates: staple financing, funds of funds, concentration of fund managers


    Role playing game: the case of a mid-market BO fund raising

    • Introduction and groups
    • Reading and brainstorming
    • Preparation of group work
    • Presentation
    • Debate and debriefing

    Communicating: reporting, AGM and other channels

    • Information asymmetries, due diligence and limits
    • Balance of power
    • The LP’s choice: exit, voice or loyalty
    • dynamics, difficulties and limits
    • Atelier: is changing the fund manager really an option?
    • Voice: ‘diplomacy’ (lobbying, pressure, scandals), war (trials and regulators) and negotiations (LPA to regulations)
    • Loyalty... or not: re-committing to a fund, dropping one, getting access

    Q&A and wrap-up

    Day 3

    Investing: Funds, funds-of-funds, mandates, co-investments


    Setting the right environment

    • Choosing the right environment for selecting funds: from outsourcing to in-house operations
    • Setting up the right program, depending on the constraints
    • Challenges: adverse selection, contagion, lack of alignment of interests, conservatism, herding effects
    • Atelier: endowment, family office, pension funds – alike and different
    • Competition between investors
    • What managers look for in an investor?

    Selecting funds and funds managers

    • Selecting funds (and funds-of-funds): sourcing, approaching and accessing
    • Specificities: persistence of return
    • Atelier documentation: The private placement memorandum
    • Atelier documentation: The due diligence questionnaire (and the DD pack)
    • Request for proposals: virtues and limits
    • Current debates: concentration of fund managers, conflicts of interests, generational change

    Negotiating

    • Atelier documentation: the Limited Partnership Agreement
    • Most frequent clauses: key man, most favoured nation
    • Sponsor (or lack thereof)
    • First closing participation and other advantages
    • Advisory Board and representation
    • Current debates: fee level, hidden fees, hurdle rate,...

    The temptation of co-investing

    • Set up and resources
    • Constraints
    • Liabilities
    • Business case: Formula 1 and the GPFG
    • Statistics on co-investing

    Q&A and wrap-up

    Day 4

    Investing in private companies: sourcing, analysing, negotiating, creating value and exiting


    Investment framework

    • The investment process: five steps
    • Choosing the tools: the case of the LBO
    • Other types of investments

    Analysing a deal: the case of a mid-market cleaning company I

    • Interactive business case (no preparation): deal analysis I
    • Interactive business case: deal analysis II
    • Negotiation and valuation

    Analysing a deal: the case of a mid-market cleaning company II

    • Structuring
    • Leverage effects
    • Performance calculation and analysis
    • Limits and risks

    The deal and post-investment activities

    • The closing and its legal documents
    • 100-day plan, implementation, most frequent operations
    • Value creation
    • Exiting a deal: IPO, trade sale, secondary sale,...

    Q&A and wrap-up

    Day 5

    Learning by doing: business cases day

    Participants are expected to read business cases prior to the session. They will form groups and present their conclusions.

    Venture capital

    • Briefing conversation  what is at stake?
    • Preparation
    • Presentations
    • Debriefing and Q&A

    Growth capital (1:30): TA Associates and Metro PCS (US)

    • Briefing conversation what is at stake?
    • Preparation
    • Presentations
    • Debriefing and Q&A

    Distressed debt (1:30): Countrywide PLC (UK)

    • Briefing conversation  what is at stake?
    • Preparation
    • Presentations
    • Debriefing and Q&A

    LBO and Public-to-Private (1:30): Qantas (Australia)

    • Briefing conversation what is at stake?
    • Preparation
    • Presentations
    • Debriefing and Q&A

    Q&A and wrap-up

  • 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
This course can be run as an In-house or Tailored Learning programme

Instructor

  • Ed Bodmer

    Biography

    Ed 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.

Venue

Paris

This course will take place at a Central Paris Hotel

If you need help booking accommodation for your visit, please contact accommodation@euromoney.com and one of our partners will help you get the best rate possible.