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Project Finance Academy
This course is made up of four separately bookable modules:
- Module 1: Advanced Project Finance Workshop (4 days)
- Module 2: Cashflow Modelling (1 Day)
- Module 3: Financing Natural Resources: Oil, Gas and Mining Projects (2 Days)
- Module 4: Infrastructure Finance and PPP (2 Days)
This programme consists of four separately bookable modules, book the full Project finance academy and save £2535.
This 9 -day (11 inclusive of the weekend) Project Finance Academy is designed to assist bankers, private investors, project developers, equipment suppliers, official creditors, and other project participants in acquiring all the skills they will need to evaluate project financing transactions in a wide variety of industrial sectors. Relying heavily on examples from around the world characteristic of the energy, oil and gas, mining, transportation, social services, water and sanitation and telecommunications businesses, attendees will be brought up to date on the very latest techniques and innovative approaches to structuring and funding projects.
The program is divided into four modules that may be attended in full or booked separately:
Module 1 conducted from days 1 to 4 comprises the program’s core. A rapid paced discussion of key aspects of project structures, at its conclusion participants will be able to break analysis into its component parts. They will have gained techniques for assembling market information, making qualitative judgments, developing key agreements and conducting thorough quantitative financial analysis of projects.
This module also identifies the many sources of finance and risk support available for projects. From bank markets, and bond issuance, to leasing and other foreign and local currency funding alternatives, it highlights their differences, requirements and investor concerns. Effective application of interest rate, currency and commodity derivatives is described.
It also pays careful attention to the many techniques for enhancing the terms of funding provided by official players like Export Credit Agencies, development banks and private risk insurers.
Module 2 builds on the foundation established in the first portion of the program. A day-long session, it gives participants a hands-on opportunity to build a cash flow model for an LNG facility using Excel-based software. At the conclusion of the segment participants will have a pro forma project model suitable for examining debt capacity and project return on investment.
Module 3 introduces elements unique to projects in the natural resource sectors: oil, gas and mining. Discussion and cases cover upstream oil and gas delivery as well as green-field and later phase mining projects. Approaches to equipment finance are highlighted, including Islamic alternatives.
Module 4 In the program’s final session participants will become familiar with the wide array of models for Public Private Partnerships (PPP) designed to link public sector financial resources and accountability with private sector discipline, expertise, and capital. They will look at approaches to ‘balancing risk’ among various stakeholders, creditors and guarantors of projects as well as policy objectives like ‘value for money” central to Sovereign and Sub-sovereign governmental decision-making. Case examples cover projects in transport, water, sanitation, social services and other infrastructure.
Who should attend
- Bankers/Investment Bankers
- Project Finance Modelers
- Financial Advisors
- Sponsors/Project Joint Ventures
- Project Developers
- Government/PPP Agencies
- Public Sector Managers
- Export Credit Agencies
- Multilateral Agencies
Themes: Structuring Projects and Creating a Security Package; In-depth Study of a Gas Processing Plant
Project Finance Overview
- Current Challenges /Approaches
- Who are the Players? Identifying and Allocating Risks
- What Can Go Wrong?
- Examples from the Energy Sector
- Financing Infrastructure
Various Projects and Approaches to Risk Identification
- Risks in Development,
- Construction, and Operating Risks
- Feedstock and Supply
- Market Risks
- Environmental Risks
- Financial Risks
- Political and Regulatory Risks
Sources of Finance: Financing Checklist
- Domestic and Foreign Banks
- Bond Markets
- Development Banks, ECAs and Other Official Creditors
- Islamic Finance
- Sources of Equity
- Financial Modelling and Cash Flow Analysis
- View of Lenders: DSCR and PV Coverage
- Equity Considerations: IRR and NPV
- Approaches to Evaluating the Cost of Capital
- Project Returns vs. Equity Returns
- Forecasting Techniques and Limitations
- Probabilistic vs. Non-Probabilistic Model-Building
Case Study: Working With Cash Flow Modelling Software to Finance a Fertilizer Plant
Participants break into small groups to prepare a case study that analyses a fertilizer project. A computer simulation will be used to model cashflows. Groups will present their solutions
Themes: Documentation and Sources of Finance and Credit Enhancement; Financing Transportation Infrastructure
Legal Issues and Documentation
- Legal Environment and Regulatory Conditions
Points and Legal Points in Various Project Structures:
- Incorporated and Unincorporated Joint Ventures
- Partnerships and Limited Partnerships
- Key Contractual Agreements and Structuring Considerations
a Term Sheet
- Limiting Recourse
- Tax Gross Up Issues
- Market Disruption Provisions
- Reps and Warranties
- Conditions Precedent
- Covenants Including MAC Clauses
- Hedging Requirements
Sources of Finance
- Banks and the Current Club Loan Market
- Syndicated Loan Financing
- What Security do Banks Want?
- Market Flex Clauses
- Development Bank "A" and "B" Loans and Other Funding Sources
- Inter-creditor Issues
Credit Enhancement Alternatives
- Guarantees and Insurance vs. Funding
- Buyer and Supplier Credits
- Bank Incentives Inherent in ECA Programs
- Costs and Availability
- Securitization of ECA Guarantees
- Choosing a Special Purpose Vehicle
Liberalizing Power Markets
- Market Forces and Effect on Electrical Supply
- Fragmentation of Electricity Generation
- Generating, Transmission, Distribution
- Merchant Power Plants (MPPs)
- Rating Agencies' Analytical Model
Case Study: Financing a Gas-fired Power and Desalination Facility
Risk allocation among various project participants to finance and construct a power plant. Testing the project's cash flows under varying scenarios with a cash-flow simulation model. What are acceptable DSCR levels? What returns does equity look for?
Themes: More Financing Sources and Structuring Considerations; Conventional and Renewable Power Project Transactions
Using Capital Markets for Projects
- Private Placements and Eurobond Issuance for Projects
- Comparing Bond Issuance to Bank Loans
of Investors, Timing and Flexibility
- Project Size and Relative Cost
- Security Requirements
- Negative Arbitrage Issues
- The Due Diligence Process / Road Shows
- Rating Agency Considerations
- Leasing Applications in Projects
- Evaluating Cost
Renewable Energy Projects
- Growth of the Market and Various Types of Renewables
- Compared to Traditional Fossil Fuel Burning Plants
- Project Economics
- What is Driving the Investment?
- Government Incentives in Various Countries
Case Study: Financing a Utility Scale Solar Photovoltaic (PV)
Participants will break into groups to work on a renewable power project. Case considers sector and specific project risks, including their allocation through contractual undertakings of various players. The mix of finance is discussed as well as accessing capital markets and rating agency considerations. Cash flow projections and resource probability estimates are central to analysis
Themes: Risk-Management with Derivatives; Using Development Banks; Transportation Projects
Price Volatility and Risk Management with Derivatives
- Financial price movements today: volatility and risk
- Commodity-linked derivatives and securities
- Interest Rate and Currency Swaps to Manage Risk
- Options: Caps, Floors and Collars
Roles for Development Banks and Agencies
- World Bank Group
- Regional Multilateral Development Banks (Asian Infrastructure Investment
- Bank, Asia Development Bank, Africa Development Bank, EBRD, EIB,
- Inter-American Development Bank, Islamic Development Bank, Others)
- Bilateral Agencies (FMO, DEG, OPIC, Proparco, etc.)
Transportation Projects and Other Infrastructure
- Public Private Partnerships (PPP) Principles
- Roles for the Public and Private Sector
- Different Structures and Degrees of Private Participation
- Outright and Partial Government Ownership
- Long-term Concessions
- Roads, Railroads, Airports, Ports and Other
Exercise: Constructing a risk matrix
Case Study: Airport finance; negotiating a term sheet.
Participants will break into groups to work on this PPP project structure. Discussion will focus on project risks, their allocation through contracts, the mix of financing, cash flow projections, as well as rating agency considerations in evaluating the proposed financing structure.
Themes: Project Finance Modelling
Participants will spend a day building a model for a Liquified Natural Gas (LNG) project. They will test a limited-recourse financing package for debt capacity and attractiveness to investors. Discussion of common approaches to modeling with Excel, ‘dos’ and ‘don’ts’. Practical use of models for negotiations.
Modelling Workshop Overview: Objectives and Approaches
- Constructing a Model / Common Myths
- Variations by Project Type
- Overview of LNG Plant and Major Contracts
Structuring the Model and Organizing the Data to Create a Cashflow Statement
- Developing the Assumptions Page
- Construction Costs and Timing
- Operating Cost, Plant Capacity Usage, Fixed and Variable Costs
- Reinvestment, Plant Expansion, Productivity Shifts
- Equity First or Pro Rata
- Manually Designed Equity Subscription
- Draw-down of Debt Linked to Specific Contracts, Expenditures or in a Hierarchy
Developing the Profit and Loss and Balance Sheet
- Factoring in Reserves
- Considering Currencies
- Tax Calculations
- Working Capital
Ratios and Sensitivity Analysis: Objectives and Limitations
- Measuring Debt Capacity and Investor Return
- Using Modelling Output for Initial Project Vetting
- Supporting on-going Negotiations
Themes: Natural Resources Projects
Upstream, Midstream and Downstream Oil and Gas
- Structure: Upstream, Midstream and Downstream
- Hydrocarbon Basics: Geology, Reserves
- Supply and Consumption
- Oil Production: Process Depletion and Enhanced Recovery
Structures: Balance Sheet vs. Limited Recourse
- Field Development and Platform Types
- Production Facilities
- Building and Financing Pipelines
- Refineries and Petrochemical Plants
- LNG Facilities
- Technology and Construction/Completion
- Reservoir/Reserve Risks
- Feedstock Risk
- Sales and Off-take
- Operation and Maintenance
- Environmental/Regulatory Issues
- Country/Political Risk
Logistics and Transportation Financing
- Logistics: Pipelines, Shipping, and Storage
- AFRA Classes (Average Freight Weight Assessment)
- ULCC to Tanker Lightering
- Definitions, Principles, and Authoritative Sources
- Structures: Murabaha, Istisna and Ijara
- Examples of Petrochemical and Other Transactions
Case Study: Financing an Oil Rig
Participants will break into small groups to prepare a case study concerned with equipment financing. A computer simulation will be used to model possible outcomes. Groups will present their solutions.
Themes: Reserve and Off-take Evaluation; Mining Projects; Risk-Management with Derivatives
Stages in Financing Natural Resources Projects
- Exploration/ Geology/Drilling/Reserve Estimation
- Reserve-based lending and Borrowing bases
- Mezzanine Funding
- Oil and Gas Reserve Categories (P1, P2, P3)
- Common Measures: (Loan Life Cover Ratio (LLCR), Project Life Cover Ratio (PLCR), Reserve Tail
Case Study: Financing a Condensate Field Development Project
Evaluating the security package and forecast cash flows for a condensate field. Structuring Approaches. Finding funding.
Mining Transaction Considerations
- Special Issues
- Single Asset Projects and Asset Depletion
- Off-take Arrangements
- Construction Issues and Engineering
- Mine Operating Risk
- Environmental and Country Risk
Mining Case Study
Structuring contracts to support project financing of an industrial minerals project in an emerging economy. Critical application of Political Risk Mechanisms to reassure lenders and investors.
Themes: Infrastructure Projects, PPP, and Transportation
What is a Public Private Partnership (PPP)?
- Public Private Partnerships (PPP) Principles
- Roles for the Public and Private Sector
Structures and Degrees of Private Participation
- Contract Services: Operations and Maintenance (O&M), O&M and Management
- Leasing, Lease Develop Operate (LDO), Lease Purchase, Sale Leaseback
- Design Build: DB, DBM, DBO, DBFO, BOT, BOO Concessions
PPP Tender Process
- Specifying User Needs in Output Terms
- Private Sector Informational Requirements
- Identifying Bidders and Assessing Risks Negotiating Strategies and Closing
Sources of Finance: Managing and Allocating Risks in PPP; Making a Deal Bankable
- Collecting Information/ Macro and Micro Concerns of Banks
- Risk Allocation in PPP/ Developing a Specialized Matrix
- Risk Mitigation Techniques
- Analysing Risk Assumptions (Operating and Maintenance, Construction, Financial, Revenues)
- Environmental Considerations
- Consultants in the PPP Process
Quantitative Risk Analysis and Cashflow Forecasts
- Requirements of Creditors vs Investors
- Other Stakeholder Considerations
- “Value for Money” and the Public Sector Comparator (PSC); Unitary Payments (UPs)
Case Study: Light Rail Finance
Partnering with multiple government authorities to raise finance for timely completion of a rapid transit system
Case Study: Financing a Tollroad
Participants will break into groups to evaluate the financing scheme for a toll road. They will assess the allocation of risks, and concession terms, and other contractual agreements. A cash flow model will be used to test qualitative assumptions.
Themes: Financing Water, Sanitation and Other Social Services Projects
Legal and Contractual Issues in PPP Projects
- Regulatory Framework and Enforceability
- Policy Objectives of the Government Concessions and Licensing,
- Process and Oversight
Case Study: Reviewing a DBFO Term Sheet
Sources of Credit and Risk Support in International PPP Projects
- Official Risk Enhancers and Development Banks
- Rating Agencies and Pension Fund Sales
- Accessing Local Capital Markets in Developing Countries
Case Study: Reviewing a DBFO Term Sheet for a Roadway or Other Transport
Water and Sanitation Infrastructure
- Special Features of Water and Sanitation Projects
- Array of Funding Structures for Service Agreements and Concessions
- Who are the Players? Investors? Lenders?
Two Case Studies:
- Financing a Water Treatment Plant
Participants will review the terms of a concession for a municipal wastewater treatment plant.
- Non-revenue Water (NRW)
Understanding a service contract for reducing non-revenue water. Considering the merits of the proposed financing approach.
PPP and Social Infrastructure
- Financing Hospitals, Schools, Prisons, Others
- Sample Concessions and Contract Terms
- Risk Evaluation and Allocation
- Monitoring Requirements
Case Example: Financing a Hospital
Self-test 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
- Equipping stakeholders to respond rapidly to the exploding array of global project finance opportunities, is the objective of my courses. We show participants numerous successful - and troubled – project transactions. If they return to the office armed with concepts and a framework for analysis that they can apply to their own portfolios, we’ve met our goal.
BiographyMs. Osius designs and delivers executive level training sessions as well as providing consulting services to a wide variety of organizations worldwide. Specializing in international project finance, capital markets, and risk management, she works with corporate investors, private and development banks, equipment suppliers, law firms etc., to structure viable financing packages for green-field projects and facility upgrades in the power, oil and gas, transport, social services and telecom sectors. Prior to establishing her own firm Ms. Osius was a banker at JP Morgan Chase Bank where she structured international project transactions and advised clients on risk management. Ms. Osius has published articles in the business press and co-authored several self-study guides covering international project finance, trade and export finance, foreign exchange, and financial futures, as well as financial analysis in frontier markets. She is a primary speaker in a series of video sessions on Sound Banking Principles. Ms. Osius is a Director of British Caribbean Bank and Waterloo Holdings. Previously she was Chair of the Technical Advisory Panel of the Public Private Infrastructure Advancement Fund (PPIAF). The fund supports technical assistance in emerging markets to encourage private involvement in infrastructure development. She received an M.B.A. from INSEAD, the European Institute of Business Administration, in Fontainebleau, France. Her B.A. degree is from Princeton University.