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London School of Project Finance
This 5-day program teaches participants how to analyse project financing opportunities. Delegates will learn how to properly structure transactions to minimize risks and improve the prospects for future strong performance, both in existing portfolios and new transactions.
By the program's conclusion participants in this program will have developed a framework for recognizing and analysing qualitative and quantitative project risks when financing green field projects as well as facility upgrades. Numerous examples of projects from around the world are employed to ensure understanding and application of concepts. Detailed breakout cases are drawn from various industrial sectors including oil and gas, conventional and renewable energy, transportation and other infrastructure. Participants learn how excel models are used to assess project debt capacity, return on investment, and other metrics common to attractive deals.
Besides discussing many recent examples of financing structures attractive to Banks, Institutional Investors, and Equity providers, careful attention is paid to credit enhancers such as Export Credit Agencies, Development Banks, Private insurers, mon-lines and others.
The program's fifth day session is a stand-alone cash flow modelling workshop. Using excel software, participants create a model for an LNG Plant suitable for examining project debt capacity as well as return on investment.
Who should attend:The courses will be valuable to professionals in the following areas:
- Bankers/Investment Bankers
- Project Finance Modellers
- Financial Advisors
- Sponsors/Project Joint Ventures
- Project Developers
- Government/PPP Agencies
- Public Sector Managers
- Export Credit Agencies
- Multilateral Agencies
- Accountants/Taxation Advisers
- Financial Analysts
- Share market Analysts/Brokers
- M&A/Buyout Specialists
- Privatization Executives
- Company Treasurers/Directors
- Credit Committee Staff
- Rating Agencies
- Project Managers/Engineers
- Project Consultants
- Investment/Portfolio Managers
- Insurance Advisers/Brokers
Day 1Themes: Structuring Projects and Creating a Security Package; Discovering the Most Efficient Sources of Finance;
Project Finance Today
- Current challenges in project finance
- Who are the players?
- Identifying and allocating risks
- What can go wrong?
Examples: Financing a pipeline, tankers; other oil and gas projects.
- PPP and project finance: financing infrastructure
- BOO, BOT, BOOT, DBFO and other approaches
- Private investment in public infrastructure
Examples: Power projects and toll roads.
Projects and 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
- Islamic finance
- Sources of equity
- Financial modelling and cash flow analysis
- The 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
Participants break into small groups to prepare a case study. A computer simulation will be used to model cashflows. Groups will present their solutions.
Themes: Legal Issues; Bank Finance; Export Credit Agencies; PPP for Transportation and other Infrastructure Projects
- Legal Issues in Project Finance
- Legal environment and regulatory conditions
- Commercial points and legal points in various projects
- SPV Structures
- Key contractual agreements
- Developing a term sheet
- Limiting recourse
-Tax gross up issues
- Market interruption
- Reps and warranties
- Conditions precedent
- Covenants including MAC clauses
- Hedging requirements
Export Finance Techniques (ECAs)
- 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 the effect on electrical supply
- Fragmentation of electricity generation
- Generating, Transmission, Distribution
- Merchant Power Plants (MPPs)
- Rating Agencies' analytical model
- Growth of the market and various types of renewable energy projects
- Comparing renewable to traditional fossil fuel burning plants
- Project economics
- What is driving the investment?
- Government incentives in various countries
Case Study: Financing a Gas-fired Power Plant
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 3Themes: Bank Markets; Development Banks; PPP for Transportation and other Infrastructure Projects
- Club Loans and Syndicated Loan Financing
- What security do banks want?
- Market flex clauses and “Mini-perms”
- Inter-creditor issues
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.)
- Murabaha, Istisna, Ijara and Sukuk in Projects
PPP: 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 and DBFO
- 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 4Themes: Capital Markets; Risk Management with Derivatives, PPP for Water and Other Infrastructure Using Capital Markets
- 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
- Private risk insurers and Mono-lines
Price Volatility and Risk Management with Derivatives in Projects
- Financial price movements today: volatility and risk
- Commodity-linked derivatives and securities
- Using interest rate and currency swaps to manage risk in projects
- Options: caps, floors and collars
- Special features of limited recourse projects in water and sanitation
- Array of structures: Service Agreements Leasing, BOT, Privatization
- Who are the players? Investors and lenders?
- Desalination and electricity projects
- Case examples and PPP transactions
Participants will break into groups to prepare a case study concerned with financing a wastewater treatment plant.
- Financing Hospitals, Schools, Prisons, Others
- Concessions and Contract Terms
- Risk Evaluation and Allocation
- Monitoring Requirements
Themes: Oil, Gas, LNG and Cashflow Modeling
Participants will spend a day building a model for an LNG facility. They will assess a wide range of scenarios in order to test a limited-recourse financing package for debt capacity and suitability for investment. With discussion of common approaches to modeling with Excel, “dos’ and ‘don’ts” as well as the practical use models for negotiations.
Modeling Workshop Overview: Objectives and Approaches
- Constructing a Model / Common Myths
- Variations by Project Type
Structuring the Model and Organizing the Data to Create a Cashflow Statement
- Developing an Assumptions Page
- Construction Costs and Timing
- Operating Cost, Plant Capacity Usage, Fixed and Variable Costs
- Reinvestment, Plant Expansion, Productivity Shifts
Developing the Profit and Loss and Balance Sheet
- Factoring in Reserves
- Considering Currencies
- Tax Calculations
- Equity First or Pro Rata
- Manually Designed Equity Subscription
- Draw-down of Debt Linked to Specific Contracts or Expenditures or in a Hierarchy
Ratios and Sensitivity Analysis: Objectives and Limitations
- Measuring Debt Capacity and Investor Return
- Using Modeling Output for Initial Project Vetting
- Supporting on-going Negotiations
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
- 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 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.
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