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Course details

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PPP Project Finance & Infrastructure

Examines the latest structuring, funding & cash-flow modelling techniques
  • Infrastructure development is essential to sustaining economic growth and improving competitive position in today’s global markets. Often traditional public sector funding sources are severely constrained when it comes to financing infrastructure facilities. Innovative approaches to funding such services, as well as programs for Public Private Partnerships (PPPs), have been endorsed by many countries as means of accelerating their delivery.


    An essential element of PPP is the desire to link public sector accountability with private sector discipline, expertise, efficiency and financial resources. This is equally true in both industrialized and emerging markets. In this hands-on program participants will become thoroughly familiar with the array of PPP models from Supply and Service Contracts, Management Agreements, Leasing, DBFO, BOT, BOO, Privatization and a continuum of other approaches. They will see how the concept of balancing risk and ‘value for money” is central to governmental policy and decision-making. They will also consider the outlooks of various stake-holders creditors and guarantors of projects, when approaching PPP transactions.


    While differentiating between countries and sectors this program is designed to help participants break the project analysis process into its component parts and evaluate the roles played and sources of support provided by many parties. Techniques for assembling information and making qualitative judgments are described. Tools used to conduct careful quantitative financial analysis are explained thoroughly. Cases and examples from around the world that have successfully weathered difficult markets, as well as some that have deteriorated or failed, are used to ensure understanding and give participants practice in the application of concepts.
    Careful attention is given to techniques for sourcing and enhancing the terms of funding both in domestic and international projects. Elements unique to both bank and capital markets approaches to financing of PPP projects in transport, social services, and water sectors are highlighted.


    Learn about:

    • Availability vs, Concession Models of PPP
    • Structuring Transactions and Anticipating Problems
    • Sources of Finance Banks, Capital Markets
    • Rating Agency Considerations
    • Credit Enhancement Techniques
    • Private Equity and Other Investment Funding
    • Distinctive Features of International Projects in Industrializing Countries


    Breakout Case Studies:

    • Roads, Rail
    • Ports and Airports
    • Water and Sanitation
    • Hospitals, Schools and Other Social Infrastructure

  • Day 1:

    PPP Approaches From Power to Social Infrastructure

    Overview of Public Private Partnership (PPP) Approaches
    • Public Private Partnerships (PPP) Principles
    • Different Structures and Degrees of Public vs Private Participation
    • Contract Services: Operations and Maintenance (O&M)
    • Leasing: Lease Develop Operate (LDO
    • Design Build: DB, DBM, DBO, DBFO
    • BOT, BOO Concessions
    • Privatization
    • Market evolution: Power Generation to Social Infrastructure

    Managing and Allocating Risks in PPP To Make a Deal “Bankable”
    • Collecting Information: Macro and Micro Concerns
    • Risk Allocation and Mitigation Techniques in PPP
    • Developing a Specialized Matrix
    • Analyzing Risk Assumptions (Shareholders, Construction, Operating and Maintenance, Financial, Political)
    • Environmental Considerations
    • Consultants in the PPP Process

    Energy Project Structures
    • Market forces and the effect on electrical supply
    • Fragmentation of electricity generation (Gencos/Transcos/Discos)
    • Merchant power plants (MPPs)
    • Costs of Renewable Power vs. Traditional Fossil Fuel (LCOE)
    • What is Driving the Investment?
    • Government Incentives

    Case Study: Project – Part 1
    Risk allocation among various project participants developing and financing a gas-fired power plant.

    Quantitative Risk Analysis and Cashflow Forecasts
    • Debt vs Equity and Key Measurements
    • Probabilistic Modeling
    • Testing Sensitivities
    • Requirements of Creditors vs Investors
    • Other Stakeholder Considerations

    Case Study: Part 2

    Testing the project's cash flows under varying scenarios with a cash-flow simulation model. What are acceptable DSCR levels? What kinds of returns do investors require?

    Day 2


    Tendering; Sources of Finance for PPP; Transport Projects


    PPP Tender Process Other Contractual Issues
    • User Needs in Output Terms
    • Private Sector Informational Requirements
    • Identifying Bidders, Negotiating Strategies and Closing
    • Regulatory Framework and Enforceability
    • Policy Objectives of the Government
    • Concessions and Licensing, Process and Oversight
    • “Value for Money” and the Public Sector Comparator (PSC)
    • Unitary Payments (UPs)

    Case-Example: Canada Line Rapid Transit
    PPP and Rapid Transit Projects. Phases of the selection process. Public Sector Comparator and risk assessment.
    Funding Roads and Other Transport Projects
    • Different Structures and Degrees of Private Participation
    • Long-term Concessions and “Availability” Arrangements
    • Case-Study: Using DBFO Structuring for a Toll Road Project

    Participants will break into groups to evaluate the DBFO financing scheme for a toll road. They will assess the allocation of risks, and concession terms, and other contractual agreements.

    Sources of Funds and Credit Enhancement for PPP
    • Using Bank Debt
    • Club Deals, Syndications and Secondary Market Resale
    • Term Sheets, Information Memoranda and Credit Agreements
    • Conflict Resolution
    • Special Consideration in Global Bond Issuance
    • Sales Process, Covenants, Workout Considerations
    • Role of the Rating Agencies
    • Mono-line Insurers and Wraps
    • Tapping Local Capital Markets
    • Derivative Products for PPP



    Financing Ports and Airports
    • Objectives
    • Port Financing Compared to Airports
    • Airport Checklist

    Case Study: Financing an Airport
    Goals of government and other stakeholders from the concessionaire to the contractor, operator and other stakeholders. Review of cash flow projections, project risks and their allocation through contracts. Proposed financing mix, and rating agency considerations.

    Day 3


    Credit and Political Risk Support; Water and Social Infrastructure



    Case Discussion
    Sources of Credit and Other Risk Support in PPP Projects
    • Official Risk Enhancers and PPP
    • ECAs and Development Banks
    • Mono-line Insurers
    • Case-Examples

    Special Features of Water Infrastructure
    • PPP in Water and Sanitation Projects
    • An Array of Structures
    • Who are the Players? Investors and Creditors?

    Case Examples: Non-Revenue Water Case Study: Financing a Water Treatment Plant
    Participants will break into groups to prepare a case study concerned with the terms of a concession and financing for a municipal wastewater treatment plant.
    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
    Special considerations of social infrastructure. Construction considerations Interface between hard and soft operating costs. Cashflow and leverage ratios.
    Self-test
    Close 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 – 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

  • 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 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.

Venue

Marriott London County Hall

This course will be held at the Marriott London County Hall. We strive to provide you with a training environment of the highest quality, to ensure that the whole learning experience exceeds your expectations.

As such we have detailed our most frequently used training destinations in London on this map. If you need help booking accommodation for your visit to our training courses, please contact accommodation@euromoney.com and one of our partners will help you get the best rate possible.