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London School of Project Finance - Advanced Project Finance
We would like to run this programme as a hybrid event with delegates attending virtually and in a physical classroom. If you'd like to attend this course virtually on the same dates, you can register here.
Alternatively you could contact firstname.lastname@example.org for more information.
This is module 1 of our five-day Project Finance School is designed to help bankers, private investors, project developers, equipment suppliers, official creditors, and other project participants acquire the skills they need to evaluate project financing transactions in a wide variety of industrial sectors. Relying heavily upon examples from around the world characteristic of the energy, transportation, social services, water, sanitation, telecommunications, oil, gas and mining, attendees will be brought up to date on the latest techniques and innovative approaches to structuring and funding projects.
The program is divided into two modules that may be attended in full or booked separately:
Module 1 Conducted from days 1 to 4 comprises the program’s core. 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 agreements and conducting thorough quantitative financial analysis of projects.
This portion of the program also identifies 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, highlighting their differences, requirements, and investor concerns.
The module 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.
Module 2 Builds on the foundation established in the first portion of the program. A day-long session, it gives participants a hands-on opportunity to build a cash flow model using Excel-based software. At the conclusion of the segment participants will have a pro forma project model suitable for examining debt capacity and project return on investment.
Hybrid Sessions Timing and Case Reading
The program may be attended in person , or on line. Each day will commence at 10:00am and conclude officially at 6pm GMT (Greenwich Mean Time).
The course is 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 every evening.
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
Module 1: Advanced Project Finance Workshop (4 days)
Day 1 Themes: Structuring Projects and Creating a Security Package; Oil and Gas Projects
Project Finance Overview
- Current Challenges /Approaches
- Who are the Players? Identifying and Allocating Risks
- What Can Go Wrong?
- Examples from Natural Resources and 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 Markets
- Development Banks, ECAs and Other Official Creditors
- Islamic Finance
- Sources of Equity
- Financial Modeling 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 Modeling Software to Finance a Fertilizer 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.
End of Day 1
Day 2 Themes: Sources of Finance and Credit Enhancement; Power Projects
Legal Issues and Documentation
- Legal Environment and Regulatory Conditions
- Commercial Points and Legal Points in Various Project Structures:
- 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
End of Day 2
Day 3 Themes: More Financing Sources and Structuring Considerations; Renewable Power Project Transactions
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)
Risk allocation among various project participants to finance and construct a 550MW solar facility. Testing the project's cash flows under varying scenarios. What are acceptable DSCR levels? What returns does equity look for?
Capital Markets Applications
- 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
Islamic Finance and Leasing
- Definitions, Principles, and Authoritative Sources
- Structures: Murabaha, Istisna and Ijara
- Examples of Petrochemical and Other Transactions
- Leasing Applications in Projects
- Evaluating Cost
End of Day 3
Day 4 Themes: Credit Enhacment with Development Banks and Other Official Creditors; Transportation Projects; Risk Management and Derivatives
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 and Social Infrastructure
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,
- Bilateral Agencies (FMO, DEG, OPIC, Proparco, etc.)
Transportation Projects and Other Infrastructure
- Long-term Concessions
- Roads, Railroads, Airports, Ports and Other
- Constructing a Specialized Risk Matrix
Case Study: Airport Finance; Negotiating a Term Sheet.
Participants will break into groups to work on this 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.
Self-test and Wrap-up
End of Day 4 and Module 1
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.
BiographyMs. 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.