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Green Energy Project Finance
Description and Objectives
In this program participants will acquire the skills needed to structure and evaluate renewable energy project financing transactions. Drawing upon examples from the United States and around the world, they will learn techniques for spotting and minimizing risks and improving prospects for future strong performance; both in existing portfolios and new transactions.
By the four-day session’s conclusion, attendees will have developed a framework for analyzing qualitative and quantitative project risks in order to structure a robust security package. Numerous examples of energy projects - both green field and facility upgrades - are employed to ensure understanding and application of concepts. On day one a detailed breakout case explores the financing structure used for an intermittent power facility (wind farm). On successive days attention is paid to renewable energy structures - off-shore wind, solar, hydro-, geothermal, biomass - and related infrastructure like energy storage. Participants see why certain structures are attractive to Banks, Institutional Investors, and Equity providers, as well credit enhancers. That is, governments, private sector insurers and others.
Virtual Session Timing
In the United States Each day will commence at 10:00 (EDT) and conclude officially at 4:00p. Office hours will be available with the instructor following the daily program. In the United Kingdom each day begins at 12:00 noon GMT and concludes officially at 6p GMT.
The course us heavily reliant upon cases and examples and reinforce understanding and ensure application of concepts.
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
Day One Themes: Structuring Renewable Projects; Intermittent Power
Overview of 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 and Sells to Tax Investor
- Back Leveraging Cash Equity
- Limited Recourse Project Finance
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 One
Homework: Offshore Wind Case
Day Two Themes: Cashflow Forecasting; Sources of Finance
Cashflow Workshop: Debt Capacity and Investor Considerations
- Forecasting Techniques and Limitations
- Creditor Sensitivity Analysis
- Debt Considerations: DSCR and LLCR
- Sculpting Debt
- Calculating Sponsor Returns
Case Study: Participants break into small groups to evaluate the security package for an off-shore windfarm. They will look at structure, project cash flows, and quantify their risk assessments.
Leveraged Finance vs Capital Markets
- Club Loans and Syndications
- Debt Capital Markets: Eurobonds, Private Placements
- Rating Agency Criteria
Leasing for Renewable Projects
- Leasing Structures and Applications in Renewable Projects
- Evaluating Cost
Case Examples: Wind and Solar
End of Day Two
Homework: Solar Case
Day Three Themes: Energy Derivative; Solar Project; Battery Storage
- Commodity Pricing and Hedging Mechanisms
- Hedges for Renewable Energy 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?
Bio-mass and bio-fuel projects
- Wood/power generation
- Bio-mass and bio-fuels: What are the prospects for these technologies?
- Emissions, waste disposal, and other regulatory issues
Case example: Wood-fired bio-mass project
End of Day Three
Day Four Themes: Base Load Plants; Hydro and Geothermal Power; Credit Enhancement
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
Projects with Credit Risk Support
- Sources of credit and risk support for international renewable projects
- Using Export Credit Agencies, Development Institutions to Enhance Deals
- Private Insurers and Monolines
- 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. Participants will evaluate the financing package for a small-scale hydro facility. Transaction requires political mitigation as well as consideration of merchant power project risks.
Self-test and Wrap –up
End of Program
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 – 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
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.
BiographyFounder and Principal of Osius & Associates, Meg Osius has advised a variety of corporate and banking clients structuring green-field infrastructure and PPP projects as well as facility upgrades in the energy, transport, telecommunications and other sectors. Prior to establishing her own firm Meg was with the Global Banking Division of J.P. Morgan Chase Manhattan Bank where she originated international project transactions and advised clients on risk management. She has extensive experience with workout and distressed assets.Meg was a Director of Waterloo Holdings Ltd., Bermuda, and British Caribbean Bank (BCB), as well as Chair of the Technical Advisory Panel (TAP) of the Public Private Infrastructure Advancement Fund (PPIAF). She has published in the business press and co-authored guides covering international project, trade and export finance, as well as derivative topics. Her articles on credit risk management and financial analysis in transitional markets, and a series of video sessions undertaken in the former Soviet Union and Central Asia, have been distributed throughout the world by the World Bank.Meg received an M.B.A. from INSEAD, the European Institute of Business Administration, in Fontainebleau, France. Her B.A. degree is from Princeton University.