VAT on Virtual and Online Programmes
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Financing Agreements in Project Finance
Project finance transactions have been on the rise since the global financial crisis in 2008. While the crisis saw an increased role for International Financial Institutions in developing countries, commercial banks are slowly returning to project finance in the developing and developed world.
Basic project finance techniques applied to well-structured deals are still the rule. Sponsor support is often a deal breaker. Many PPPs are combining Viability Gap Financing along with commercial lending and concessional loans.
This practical two-day course, Financing Agreements in Project Finance, examines the role of project documents, taking into account the perspectives of the lender, sponsor and offtaker, before moving on to a more detailed overview of the Power Purchase Agreement/Concession Agreement, the Turnkey Construction Contract, and Operation and Maintenance Agreements. Through practical workshops and exercises, you will analyse the key provisions of an agreement to identify key areas of bankability.
The second day of the course introduces each of the basic financing agreements (loan agreement, Intercreditor agreement, security documents and sponsor support), to analyse their distinct characteristics and typical provisions.
- Understand the role of project documents
- Review the concession contract, power purchase agreement, turnkey construction contract, and operation and maintenance agreements
- Understand risk allocation and learn how to apply risk allocation techniques
- Analyse key provisions of project loan agreements
- Examine the security documents
- Review direct and sponsor support agreements
- Learn effective documentation techniques
- Explore the main covenant issues
This course combines formal instruction and presentations with case studies, practical exercises and group discussions to reinforce key learning points and ensure the training experience is relevant and engaging.
Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2.
Day 1The Role of the Project Documents
- Overview of what constitutes 'project documents’ and their role in a project
- Lender’s perspectives as compared to sponsors and offtakers
The Power Purchase Agreement/Concession Agreement
Presentation of key issues of bankability in a power purchase agreement/Concession Agreement, including:
- Different structures available: take or pay, minimum take, merchant
- Entry into operation
- Site/existing assets
- Payment structures
- Payment security
- Step-in rights
- Dispute resolution
Workshop: The Power Purchase Agreement/Concession Contract
Delegates will analyse provisions of a power purchase agreement/concession agreement to identify key areas of bankability.
Turnkey Construction Contract
Presentation of turnkey construction contracts and key issues of bankability, including:
- Single point responsibility
- Fixed price
- Date certain
- Liquidated damages for delay and performance
- Dispute resolution
Operation and Maintenance Agreements
Presentation of key issues of bankability in O&M agreements
- Different structures available
- Dispute resolution
Workshop: Risk Allocation
Delegates will be split into groups and will examine a case study using risk allocation techniques.
Day 2Introduction to Financing Agreements
- What are financing agreements?
- Main particularities and typical provisions of each of the basic financing agreements will be analyseс
- Loan agreement
- Intercreditor agreement
- Security documents
- Sponsor support
Dealing with International Financial Institutions
- Lenders of last resort/preferred creditors
- A loan & B loan
Examining the Security Documents
- Representations and warranties
- Affirmative and negative covenants
- Events of default
Explaining the Support Agreements
- The significance of support agreements
- The sponsor’s role
- Forms of support from sponsors
- Key provisions
Close of course
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
BiographyJohn D. Crothers is a partner in the Paris office of Gide Loyrette Nouel. His practice concentrates on project finance, banking and privatisation in both the developing and developed world.John has advised international financial institutions, concession companies, operators, contractors and bidding consortia in infrastructure projects ranging from toll roads to IPPs, water treatment facilities and mobile telephony.Prior to joining Gide Loyrette Nouel, John was counsel to the EBRD in London and thus has in-depth knowledge of how to work with IFIs. John is a member of the Bar in New York and Paris.
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