Fundamentals of Project Finance

Accounting, Finance & Budgeting

Course Info

Duration: 1 Week

Type: In Classroom

Available Dates

Venue

  • Nov-01-2021

    Istanbul

  • Nov-07-2021

    Dubai

  • Nov-08-2021

    Kuala Lumpur

  • Nov-08-2021

    London

  • Nov-08-2021

    Paris

  • Nov-08-2021

    Geneva

  • Nov-08-2021

    Amsterdam

  • Nov-08-2021

    Berlin

  • Nov-15-2021

    Istanbul

  • Nov-21-2021

    Dubai

  • Nov-22-2021

    Paris

  • Nov-22-2021

    London

  • Nov-22-2021

    Geneva

  • Nov-22-2021

    Amsterdam

  • Nov-22-2021

    Berlin

  • Nov-29-2021

    Madrid

  • Dec-05-2021

    Dubai

  • Dec-06-2021

    Kuala Lumpur

  • Dec-06-2021

    London

  • Dec-13-2021

    Istanbul

  • Dec-19-2021

    Dubai

  • Dec-20-2021

    Paris

  • Dec-20-2021

    London

  • Dec-20-2021

    Geneva

  • Dec-20-2021

    Amsterdam

  • Dec-20-2021

    Berlin

  • Dec-27-2021

    Madrid

  • Jan-03-2022

    Kuala Lumpur

  • Jan-03-2022

    London

  • Jan-09-2022

    Dubai

  • Jan-10-2022

    Istanbul

  • Jan-17-2022

    Paris

  • Jan-17-2022

    Geneva

  • Jan-17-2022

    Amsterdam

  • Jan-17-2022

    Berlin

  • Jan-24-2022

    Madrid

  • Feb-07-2022

    Kuala Lumpur

  • Feb-07-2022

    London

  • Feb-13-2022

    Dubai

  • Feb-14-2022

    Istanbul

  • Feb-21-2022

    Paris

  • Feb-21-2022

    Geneva

  • Feb-21-2022

    Amsterdam

  • Feb-21-2022

    Berlin

  • Feb-28-2022

    Madrid

  • Mar-07-2022

    Kuala Lumpur

  • Mar-07-2022

    London

  • Mar-13-2022

    Dubai

  • Mar-14-2022

    Istanbul

  • Mar-21-2022

    Paris

  • Mar-21-2022

    Geneva

  • Mar-21-2022

    Amsterdam

  • Mar-21-2022

    Berlin

  • Mar-28-2022

    Madrid

  • Apr-04-2022

    Kuala Lumpur

  • Apr-04-2022

    London

  • Apr-10-2022

    Dubai

  • Apr-11-2022

    Istanbul

  • Apr-18-2022

    Paris

  • Apr-18-2022

    Geneva

  • Apr-18-2022

    Amsterdam

  • Apr-18-2022

    Berlin

  • Apr-25-2022

    Madrid

  • May-08-2022

    Dubai

  • May-09-2022

    London

  • June-12-2022

    Dubai

  • June-13-2022

    London

  • July-10-2022

    Dubai

  • July-11-2022

    London

  • Aug-14-2022

    Dubai

  • Aug-15-2022

    London

  • Sep-11-2022

    Dubai

  • Sep-12-2022

    London

Course Details

Course Outline

5 days course

 

What is Project Finance?

 

  • Definition – “Project Finance” as opposed to financing of a project
  • Limited-recourse and non-recourse finance
  • Origins of project finance
  • Who uses project finance and why?
  • What is the downside?

 

The Project Finance Process

 

  • The Players and their interests
  • Ownership structures
  • Key project contracts
  • Role of advisers:
  • The financial feasibility study/debt structuring
  • The information memorandum
  • Debt underwriting/syndication
  • Financial close
  • Post-close monitoring

 

Sponsors and Lenders/ The Lender’s Risk Analysis

 

  • Different risk/reward objectives of sponsors and lenders
  • Balancing equity and debt
  • Different types of debt – senior/ subordinated/mezzanine
  • Structural & pricing drivers
  • Key ratios – annual debt service, loan life and project life covers
  • Balancing equity and debt
  • Assessing the Risks
  • Macro risks
  • Completion risk
  • Operational risk

 

Other Sources of Debt Finance / Risk Mitigation

 

  • The bond markets
  • Credit enhancement through guarantees
  • Islamic finance
  • Private political risk insurance market
  • Export credit agencies
  • Multilateral agencies/development banks
  • Sponsor co-financing

 

Project Financing Documentation

 

  • The term-sheet – purpose, legal status, binding/non-binding aspects
  • Term-sheet/documentation provisions:
  • Term-sheet interactive exercise
  • Legal opinions
  • LMA standard terms
  • Security and credit rights
  • Payment waterfall
  • Collateral and assignment of contract rights
  • Rights of the controlling classes, inter-creditor issues
  • Reserve accounts, cash sweeps, profit distribution controls
  • Refinancing risk
  • Project types
  • Conclusion