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Project Finance Academy Week 2
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To find out more contact learning@euromoney.com
Project Finance Academy Week 2 represents modules 3 - 5 of the Project Finance Academy which is divided into five modules that may be attended in full or booked separately:- Module 1: Advanced Project Finance (4 days)
- Module 2: Cashflow Modelling for Project Finance (1 Day)
- Module 3: Oil, Gas and Mining Project Finance (1 Day)
- Module 4: Renewable Energy Project Finance (2 Days)
- Module 5: Infrastructure Finance and Public Private Partnerships (PPP) (2 Days)
Module 3 Introduces elements unique to projects in the natural resource sectors: oil, gas and mining. Discussion and cases cover green-field and later phase mining projects. Approaches to equipment finance are highlighted. Effective application of commodity and other derivatives is described.
Module 4 Concentrates on elements specific to green energy projects. Including wind and solar energy projects as well as hydro, geothermal, biomass and hydrogen facilities.
Module 5 In this final session participants will become familiar with the wide array of models for Public Private Partnerships (PPP) designed to link public sector financial resources with private sector discipline and capital. The module compares approaches to ‘balancing risk’ among various stakeholders, creditors and guarantors of projects against policy objectives like ‘value for money” central to governmental decision-making. Case examples cover projects in transport, water, sanitation, social services and other infrastructure.
Case Reading
The course us heavily reliant upon cases and examples to reinforce understanding and ensure application of concepts. Case Studies, to be discussed in class are sent as pre-reading. Overnight reading and case work is expected during each module.
Who Should Attend?
The courses will be of value to professionals in the following areas:- Bankers/Investment Bankers
- Financial Advisors
- Sponsors/Project Joint Ventures
- Project Developers
- Government Agencies
- Public Sector Managers
- Export Credit Agencies
- Multilateral Agencies
- Accountants and Taxation Advisers
- Financial Analysts
- Share Market Analysts and Brokers
- M&A and Buyout Specialists
- Privatization Executives
- Company Treasurers and Directors
- Credit Committee Staff
- Rating Agencies
- Project Managers and Engineers
- Project Consultants
- Investment/Portfolio Managers
- Insurance Advisers and Brokers
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To find out more contact learning@euromoney.com
(Five-Day Program)Financing Natural Resources: Oil, Gas and Mining (1 Day)
Day One Themes: Mining and Other Natural Resources Projects; Reserve and
Off-take Evaluation
Mining Transaction Considerations- Special Issues in Mining Transactions
- Single Asset Projects and Asset Depletion
- Off-take Arrangements
- Construction and Engineering
- Mine Operating Risk
- Environmental and Political Risk
Price Volatility and Risk Management with Derivatives- Financial Price Movements
- Volatility and Risk
- Commodity-linked Derivatives for Risk Management
- Pitfalls
Case Example: Rhenium Processing Facility
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 attract and reassure lenders and investors.
End of Day OneFinancing Renewable Energy Projects (2 Days)
Day Two Themes: Structuring Renewable Projects; Intermittent Power
Renewable Energy Project Financing- Growth of the Market: Sectors, Drivers of Growth
- Energy Usage and Investment Globally
- Global Incentive Programs
- Renewable Energy Sources
- Comparative Levelized Cost of Energy (LCOE)
Approaches and Structuring Considerations- Sale by Developer Before Construction
- Bank Construction Bridge Finance
- Developer Arranges Construction Loan
- Tax Investors
- Back Leveraging Cash Equity
- Limited Recourse Structures Including Leasing
Case Example: On-shore US windfarm. Pre-reading transaction will be discussed.
Project Risk Allocation (Checklist)- Assessing Sponsor Risk
- Land Acquisition
- Environmental and Permitting Considerations
- Construction and Warranty Issues
- Insurance Requirements
- Contractual Bifurcation and BOP
- Technology Advances, Operational Issues
- Transmission and Interconnection
- PPA Considerations: Availability
- Energy and Environmental Credits
- Resource Assessment and Energy Yield
- Data Sources and Reliability
- Inflation and Currency Movements
- Political and Other Considerations
End of Day TwoDay Three Themes: Solar, Hydro, Geothermal and Hydrogen Based Power
Solar Projects- Solar Photovoltaic Systems
- Thin Film vs Crystalline Technologies
- Technology Advances and Manufacturers
- Tracking Systems
- Issues of Scale, Cost and Application
- Operational Issues
- Battery Storage
- Community Solar and Microgrids
Case Study: Participants will evaluate bonds used to finance a 586 MW PV solar park. They will consider structure, project cash flows, security and other protections in assessing the risk assumed by investors. What covenants and conditions were required? What distinguishes investment grade from speculative grade bonds? Why use 144a vs traditional private placement markets?
Base Load Producers: Geothermal and Hydro plants- Where are these facilities located?
- Technologies: dry and flash steam plants; binary plants
- Resource assessment and drilling risk
- Construction and transmission issues
- Government role
- Favorable features and drawbacks of hydropower
- Conventional hydro facilities (medium and large)
- Small-scale run-of-the river plants
- Pumped storage
- Financing considerations
- Structuring investment and approaches to project solicitation
Case Study: Financing a small-scale hydro facility with grid sales.
Self-test and Wrap –up
End of Day ThreeInfrastructure Finance and PPP (2 Days)
Day Four Themes: Infrastructure Projects, Transport and PPP, Social Infrastructure
What is Public Private Partnership (PPP)?- Public Private Partnerships (PPP) Principles
- Roles for the Public and Private Sector
- Different Structures and Degrees of Private Participation
- Contract Services: Operations and Maintenance, Management
- Leasing, Lease Develop Operate (LDO), Lease Purchase, Sale Leaseback
- Design Build: DB, DBM, DBO, DBFO
- BOT, BOO Concessions
- Transport Projects; Roads, Bridges, and Tunnels, Airports and Ports, Railways
Sources of Finance: Managing and Allocating Risks in PPP; Making a Transaction Bankable- Collecting Information
- Macro and Micro Concerns of Banks
- Risk Allocation in PPP
- Developing a Specialized Matrix
- Risk Mitigation Techniques
- Analyzing Risk Assumptions (Operating and Maintenance,
- Construction, Financial, Revenues)
- Environmental Considerations
- Consultants in the PPP Process
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
PPP Tender Process- Specifying User Needs in Output Terms
- Private Sector Informational Requirements
- Identifying Bidders and Assessing Risks Negotiating Strategies and Closing
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 Example: Light Rail Finance
Partnering with multiple government authorities to raise finance for timely completion of a rapid transit system.
End of Day Four
Day Five Themes: Financing Water, Sanitation and Other Social Services Projects
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.)
Legal and Contractual Issues in PPP Projects- Regulatory Framework and Enforceability
- Policy Objectives of the Government Concessions and Licensing,
- Process and Oversight
Case Study: Railway Upgrade (given time)
Participants will break into groups to evaluate the financing scheme for this railway upgrade. 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.
Water, Sanitation and 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:1) Financing a Water Treatment Plant
Participants will review the terms of a concession for a municipal wastewater treatment plant.
2) Non-revenue Water (NRW)
Understanding a service contract for reducing non-revenue water. Considering the merits of the proposed financing approach.
End of Day FiveCLOSE OF PROGRAM
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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.
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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 – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ 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 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
Instructor
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Margaret (Meg) Osius
- 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.
Biography
Ms. Osius delivers executive level training sessions and provides advisory 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 create 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 at JP Morgan Chase Bank where she originated international project transactions and advised clients on risk management. Ms. Osius has been a Director of British Caribbean Bank and WIHL Holdings as well as Chair of the Technical Advisory Panel of the Public Private Infrastructure Advancement Fund (PPIAF) managed by the World Bank. The fund supports technical assistance in emerging markets to encourage private involvement in infrastructure development.She has published articles in the business press and co-authored guides to international project finance, trade and export finance, foreign exchange and financial futures, as well as approaches to credit and financial analysis in emerging markets. She is a primary speaker in a video series to covering Sound Banking Principles.Ms. Osius’s M.B.A. is from INSEAD, with a B.A. degree is from Princeton University.
Venue
London Marriott Hotel County Hall
