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London School of Project Finance

Euromoney Learning
Course summary
Professional Training
5 days
4,895 GBP excl. VAT
London
Course Dates
London
4,895 GBP
12/12/2022

Course description

London School of Project Finance

This 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.

Suitability - Who should attend?

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

Training Course Content

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
  • Leasing
  • Islamic Finance
  • Sources of Equity

Cashflow Forecasting

  • 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

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

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)

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, IstisnaandIjara
  • Examples of Petrochemical and Other Transactions
  • Leasing Applications in Projects
  • Evaluating Cost

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,
    • Others)
  • 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

Module 2: Cashflow Modeling (1 Day)

Day 5 Themes: Project Finance Modeling

Modeling Workshop Overview: Objectives and Approaches

  • Constructing a Model / Common Myths
  • Variations by Project Type
  • Overview of LNG Plant and Major Contracts

Structuring the Model and Data to Create a Cashflow Statement

  • Developing the Assumptions Page
  • Construction Costs and Timing
  • Operating Cost, Plant Capacity Usage, Fixed and Variable Costs
  • Reinvestment, Plant Expansion, Productivity Shifts

Financing Section

  • Equity First or Pro Rata
  • Manually Designed Equity Subscription
  • Draw-down of Debt Linked to Specific Contracts, Expenditures or in a Hierarchy

Developing the Profit and Loss and Balance Sheet

  • Factoring in Reserves
  • Considering Currencies
  • Tax Calculations
  • Working Capital

Ratios and Sensitivity Analysis: Objectives and Limitations

  • Measuring Debt Capacity and Investor Return
  • Using Modeling Output for Initial Project Vetting
  • Supporting on-going Negotiations

Why choose Euromoney Learning

4.75/5 rating on course check for service

25,000 professionals trained across public courses

99 countries where training is delivered

Expenses

The Course fee: 4895 + VAT

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About provider

Euromoney Learning

At Euromoney Learning, we understand that learning doesn’t start and end when you leave the classroom. We know that the financial markets never stand still, and that technology has both simplified and added complexity at a break-neck pace. That’s why...


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EC4Y 8AX, London

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