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Project Finance Academy Week 2
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This course Project Finance Academy can be booked as a full 2-week programme or individual weeks or modules.
COURSE OBJECTIVES
This ten-day Project Finance Academy 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.
COURSE STRUCTURE
This course is divided into five modules:- Project Finance Academy: Module 1 - Advanced Project Finance (4 days)
- Project Finance Academy: Module 2 - Cashflow Modelling Project Finance (1 Day)
- Project Finance Academy: Module 3 - Natural Resources Project Finance (1 Day)
- Project Finance Academy: Module 4 - Renewable Energy Project Finance (2 Days)
- Project Finance Academy: Module 5 - Infrastructure Finance and Public Private Partnerships (PPP) (2 Days)
- Project Finance Academy Week 1 (Module 1 and 2)
- Project Finance Academy Week 2 (Module 3, 4 and 5)
Breakout Case Studies:
- Gas Processing
- Pipelines and LNG
- Roads, Airports and Railways
- Water and Sanitation
- Schools, Hospitals, and Tourism
- Solar, Wind , Hydropower and Hydrogen Energy
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 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.
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.
Module 3 In a single day introduces elements unique to projects in the natural resource sectors including mining. Discussion and cases cover green-field and later phase oil and gas and mining projects. Approaches to equipment finance are highlighted. Effective application of commodity and other derivatives is described.
Module 4 Builds on themes introduced in the first Module. Concentrating on elements specific to green energy projects, Module 4 takes a deep dive into wind and solar energy projects, also reviewing methods of energy storage. Hydro, geothermal, biomass and new hydrogen facilities are all discussed.
Module 5 In this final two-day session participants will become familiar with the wide array of models for public sector objectives with private sector discipline and capital. Comparing approaches to ‘balancing risk’ among various stakeholders, creditors, and guarantors of projects against policy objectives like ‘value for money” central to governmental decision-making, case examples cover projects in transport, water, sanitation, social services, and other infrastructure. Tourism projects will be addressed
Case Reading
The course us 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 during each module.
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
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Please note that Module 3-5 on24-28 July 2023
Module 3: Financing Natural Resources: Upstream Gas and Mining (1 Day)
Day Six Themes: Natural Resources Projects
Ustream, Midstream and Downstream
- Basics: Geology, Reserves
- Structure: Upstream, Midstream and Downstream
- Supply and Consumption
- Process Depletion and Enhanced Recovery
- Financing Structures: Balance Sheet vs. Limited Recourse
Allocating Risk
- Techology and Construction/Completion
- Reservoir/Reserve Risks
- Feedstock Risk
- Sales and Off-take
- Operation and Maintenance
- Abandonment/Decommissioning
- Environmental/Regulatory Issues
- Country/Political Risk
Price Volatility and Risk Management with Derivatives
- Financial Price Movements
- Volatility and Risk
- Commodity-linked Derivatives for Risk Management
- Pitfalls
Mining Transaction Considerations
- Special Issues in Mining Transactions
- Single Asset Projects and Asset Depletion
- Off-take Arrangements
- Construction and Engineering
- Mine Operating Risk
- Environmental and Political 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 attract and reassure lenders and investors.
End of Day Six and Module 3Module 4: Financing Renewable Energy Projects (2 Days)
Day Seven Themes: Structuring Renewable Projects; Intermittent Power
Renewable Energy Project Financing- Growth of the Market: Sectors, Drivers of Growth
- Energy Usage and Investment Globally
- Global Incentive Programs
- Renewable Energy Sources
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Comparative Levelized Cost of Energy (LCOE)
- Solar
- Wind
- Hydropower
- Geothermal
- Biomass
Approaches and Structuring Considerations- Sale by Developer Before Construction
- Bank Construction Bridge Finance
- Developer Arranges Construction Loan
- Tax Investors
- Back Leveraging Cash Equity
- Limited Recourse Structures Including Leasing
Case Example: Off-shore wind
Project Risk Allocation (Checklist)- Assessing Sponsor Risk
- Land Acquisition
- Environmental and Permitting Considerations
- Construction and Warranty Issues
- Insurance Requirements
- Contractual Bifurcation and BOP
- Technology Advances, Operational Issues
- Transmission and Interconnection
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PPA Considerations: Availability
- Energy and Environmental Credits
- Resource Assessment and Energy Yield
- Data Sources and Reliability
- Inflation and Currency Movements
- Political and Other Considerations
End of Day SevenDay Eight Themes: Hydro, Geothermal and Hydrogen Based Power and Energy Storage; Batteries
Base Load Producers: Geothermal and Hydro Facilities
- Where are these facilities located?
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Technologies: dry and flash steam plants; binary plants
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Resource assessment and drilling risk
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Construction and transmission issues
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Hydroelectric Power
- Favrable features and drawbacks of hydropower
- Conventional hydro facilities (medium and large)
- Small-scale run-of-the river plants
- Pumped storage
- Financing considerations
- Structuring investment and approaches to project solicitation
Case Study: Financing a small-scale hydro facility. Participants will evaluate the financing package for a small-scale hydro facility. Transaction requires political mitigation as well as consideration of merchant power project risks.
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Batteries and Other Storage Sources
- Types and Nature of Storage
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Off-take Structures
- Capacity Sales Agreements vs. Put Options (Tolling)
- Ancillary Services and Demand Response
- Demand Change Management Agreements
Hydrogen Markets and Projects
- Why Hydrogen? Why now?
- How Do We Get it?
- Hydrogen Colors and Electrolysis
- Comparative Costs
- Hydrogen Storage
- Fuel Cells and Mobility Applications
Case Study: Financing Hydrogen Fuel Cells (Gives times)
Self-test and Wrap –up
End of Day Eight and Module 4
Module 5: Infrastructure Finance and PPP (2 Days)
Day Nine Themes: Infrastructure Projects, Transport and Social Infrastructure
What is Public Private Partnership ?- Public Private Partnerships (PPP) Principles
- Roles for the Public and Private Sector
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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; Roads, Bridges, and Tunnels, Airports and Ports, Railways
Tender Process- Specifying User Needs in Output Terms
- Private Sector Informational Requirements
- Identifying Bidders and Assessing Risks Negotiating Strategies and Closing
Social Infrastructure- Financing Hospitals, Schools, Prisons, Others
- Sample Concessions and Contract Terms
- Risk Evaluation and Allocation
- Monitoring Requirements
Case Examples: Financing Hospitals in Lesotho and the UK
Sources of Finance: Managing and Allocating Risks in PPP; Making a Transaction Bankable
- Developing a Specialized Matrix
- Risk Mitigation Techniques
- Analyzing Risk Assumptions (Operating and Maintenance, Construction, Financial, Revenues)
- Environmental Considerations
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Consultants in the PPP Process
Case Study: Railway Upgrade (or Tollroad)
Participants will break into groups to evaluate the financing scheme for this railway upgrade. 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.
End of Day 9
Day Ten Themes: Financing Water, Sanitation and Tourism Projects
Legal and Contractual Issues in PPP Projects- Regulatory Framework and Enforceability
- Policy Objectives of the Government Concessions and Licensing,
- Process and Oversight
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)
Example: Canada Light Rail
Water, Sanitation and Infrastructure
- Special Features of Water and Sanitation Projects
- Array of Funding Structures for Service Agreements and Concessions
- Who are the Players? Investors? Lenders?
Non-revenue Water (NRW)
Understanding a service contract for reducing non-revenue water. Considering the merits of the proposed financing approach.
Case Study: Tourism
Developing a touristic undertaking with government involvement.
End of Day 10 and Module 5
CLOSE OF PROGRAM
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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.
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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
Instructor
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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.
Biography
Ms. 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.
Venue
London Marriott Hotel County Hall
