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Course details

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Advanced Project Finance Workshop

Enhance your structuring, funding, legal and market knowledge with this advanced course.
  • The course will start with 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 agreement and conducting thorough quantitative financial analysis of projects. This module further identifies the many sources of finance and risk support, from bank markets, to bond issuance, leasing and other foreign and local currency funding alternatives, highlighting their differences, requirements and investor concerns.

    It will also identify 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.

    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

     

  • DAY 1  Themes: Structuring Projects and Creating a Security Package; In-depth Study of a Gas Processing Plant   

    AM Project Finance Overview

    Current Challenges /Approaches

    Who are the Players? Identifying and Allocating RisksWhat Can Go Wrong?Examples from the Energy Sector Financing Infrastructure

    Various Projects and Approaches to Risk Identification Across Sectors

    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 MarketsDevelopment Banks, ECAs and Other Official CreditorsLeasing Islamic FinanceSources of Equity


    Cashflow Forecasting


    Financial Modeling and Cash Flow Analysis
    View of Lenders: DSCR and PV CoverageEquity 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 Modeling Software to Finance a Gas Processing Plant

    Participants break into small groups to prepare a case study that analyzes 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 Power Projects


    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. FundingBuyer and Supplier CreditsBank Incentives Inherent in ECA ProgramsCosts and AvailabilitySecuritization of ECA GuaranteesChoosing 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; 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 ProjectsEvaluating 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) Facility

    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.

  • 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.

    Our Tailored Learning Offering

    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.