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Infrastructure Finance and PPP

  • Day 1

    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
    • Leasing
    • Islamic Finance
    • Sources of Equity

    Cashflow Forecasting

    • 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

    Day 2   

    Themes: Documentation and Sources of Finance and Credit Enhancement; Financing Transportation Infrastructure

    Case Discussion

    Legal Issues and Documentation

    • Legal Environment and Regulatory Conditions
    • Commercial Points and Legal Points in Various Project Structures: 
       - Incorporated and Unincorporated Joint Ventures
       - Partnerships and Limited Partnerships 
    • Key Contractual Agreements and Structuring Considerations
    • Developing 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? 

    Day 3

    Themes:  More Financing Sources and Structuring Considerations; Conventional and Renewable Power Project Transactions

    Case Discussion 

    Using Capital Markets for Projects

    • Private Placements and Eurobond Issuance for Projects
    • Comparing Bond Issuance to Bank Loans
    • Nature 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

    • 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 

    Day 4

    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. 


    Day  5

    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

    Financing Section

    • 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

    Day 6 

    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
    • Financing Structures: Balance Sheet vs. Limited Recourse 
       - Field Development and Platform Types
       - Production Facilities
       - Building and Financing Pipelines
       - Refineries and Petrochemical Plants
       - LNG Facilities

    Allocating Risk

    • Technology and Construction/Completion
    • Reservoir/Reserve Risks
    • Feedstock Risk
    • Sales and Off-take
    • Operation and Maintenance
    • Abandonment/Decommissioning
    • Environmental/Regulatory Issues
    • Country/Political Risk

    Logistics and Transportation Financing

    • Logistics: Pipelines, Shipping, and Storage
    • Types of Tankers
       - AFRA Classes (Average Freight Weight Assessment)
    • ULCC to Tanker Lightering

    Islamic Finance

    • 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.


    Day 7 

    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. 


    Day 8

    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
    • Different 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
       - Privatization

    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. 

    Day 9  

    Themes: Financing Water, Sanitation and Other Social Services Projects

    Case Discussion 

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



    Ms. 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.