PPP Project Finance & Infrastructure

3 days 30 Apr - 2 May 2018, Dubai UAE £3,395.00 Download brochure Add to basket
3 days 5-7 Sep 2018, New York United States $4,495.00 Download brochure Add to basket
3 days 1-3 Oct 2018, London UK £3,395.00 + VAT* Download brochure Add to basket
3 days 12-14 Nov 2018, Singapore Singapore $4,495.00 Download brochure Add to basket

* Claim back your VAT
Find out more

Request a different date or location for this course (we regularly add courses following requests).

{{alternativeRequestSuccess}}
{{alternativeRequestError}}

* Claim back your VAT
Find out more

Overview

Infrastructure development is essential to sustaining economic growth and improving competitive position in today’s global markets. Often traditional public sector funding sources are severely constrained when it comes to financing infrastructure facilities. Innovative approaches to funding such services, as well as programs for Public Private Partnerships (PPPs), have been endorsed by many countries as means of accelerating their delivery.

An essential element of PPP is the desire to link public sector accountability with private sector discipline, expertise, efficiency and financial resources.  This is equally true in both industrialized and emerging markets. In this hands-on program participants will become thoroughly familiar with the array of  PPP models from Supply and Service Contracts, Management Agreements, Leasing, DBFO, BOT, BOO, Privatization and a continuum of other  approaches.  They will see how the concept of balancing risk and ‘value for money” is central to governmental policy and decision-making. They will also consider the outlooks of various stake-holders creditors and guarantors of projects, when approaching PPP transactions.

While differentiating between countries and sectors this program is designed to help participants break the project analysis process into its component parts and evaluate the roles played and sources of support provided by many parties. Techniques for assembling information and making qualitative judgments are described.  Tools used to conduct careful quantitative financial analysis are explained thoroughly. Cases and examples from around the world that have successfully weathered difficult markets, as well as some that have deteriorated or failed, are used to ensure understanding and give participants practice in the application of concepts.

Careful attention is given to techniques for sourcing and enhancing the terms of funding both in domestic and international projects. Elements unique to both bank and capital markets approaches to financing of PPP projects in transport, social services, and water sectors are highlighted.

Learn about:

  • Availability vs, Concession Models of PPP
  • Structuring Transactions and Anticipating Problems
  • Sources of Finance Banks, Capital Markets
  • Rating Agency Considerations
  • Credit Enhancement Techniques
  • Private Equity and Other Investment Funding
  • Distinctive Features of International Projects in Industrializing Countries

Breakout Case Studies:

  • Roads, Rail
  • Ports and Airports
  • Water and Sanitation
  • Hospitals, Schools and Other Social Infrastructure

Who should attend

All professionals involved in infrastructure finance from across government and government agencies, project sponsors, contractors, financial institutions including multilaterals and export credit agencies, as well as consulting and advisory firms.

  • Head of Project Finance
  • Head of Corporate Finance
  • Head of Structured Finance
  • Treasurer
  • Project Manager
  • Accountant
  • Analyst
  • Sales Manager

Instructors

We work with a series of expert instructors, please select the course location of interest to review the credentials of who will be delivering the programme.

London
Cledan Mandri-Perrott
Dr Cledan Mandri-Perrott, is a seasoned project financier and investment banker. Having started his career in the operational arm of the second largest water company in the United Kingdom, and a FT100 company, he was critical in support of the international expansion of the Severn Trent Group helping secure highly profitable business for the company in Portugal, Belgium, Mexico, United States, Argentina, Chile and Trinidad and Tobago. For the latter he was part of the  acquisition team and went on to lead the company as its Director to successfully manage a business (serving over 1.2 million people) which achieved financial turnaround from a loss making entity (US$120 million deficit) in less than three years.

From there he established an advisory arm for the Severn Trent International Group and led a number of Public Private Partnerships (PPPs) advisory mandates growing it to an annual turnover of US$ 12 million. From there, Dr Mandri-Perrott worked as the co-head of the newly established Infrastructure Finance Group of the renowned PA Consulting Group in London and Birmingham, advising both private clients and governments on structuring and financing PPPs. From 2003 to 2005 he founded a boutique advisory firm with offices in Washington DC and Buenos Aires which focused on financial advisory services, dispute resolution and legal advice. During this time he grew the business to 29 staff. Notable clients during his tenure were the Prime Minister’s Office of the Hashemite Kingdom of Jordan, the ABB Group and Bilfinger Berger which he advised on three major acquisitions.

After selling the venture to his partners for family reasons, Dr Mandri-Perrott, joined the World Bank Group in 2006 and quickly rose to become a leading figure on PPPs and Project finance becoming a founding member of the World Bank’s Global PPP Expert Group. Since 2012, he was one of a handful of staff that opened the World Bank Group’s office in Singapore, where he now heads the Infrastructure Finance and PPP Centre advising governments on project finance issues bringing together public and private funds both from traditional commercial lenders as well as pension and institutional investors. In sum he has advised on more than twenty PPPs which successfully closed with a cumulative value of over US$4 billion. A graduate in Civil Engineering from Surrey University, he also holds an MSc in Business and Finance, an LLM in commercial and transaction law from the University of Dundee, and a PhD in Project Finance from the University of Groningen. He is a visiting professor at the National University of Singapore’s Lee Kwan Yew School of Public Policy, as well as the Singapore National University’s ALPINE programme.
Singapore
Cledan Mandri-Perrott
The instructor is a Lead Financial Officer at the Singapore Global Infrastructure Centre of Excellence and a member of the World Bank’s Global Expert Team for PublicPrivate Partnerships. He has over 18 years’ experience in developing and implementing project finance transactions. Prior to the World Bank, he advised Governments and Private clients on multimillion dollar infrastructure projects. He has strong regulatory background and designed and implemented regulatory policy frameworks. He has practical operational experience having managed a utility in Trinidad and Tobago. He has gained a reputation as a pragmatic problem solver helping resolve regulatory and PPP disputes. He has written extensively on issues of PPP and infrastructure and is a regular presenter and trainer on PPP related topics. A graduate in Civil Engineering, he also holds an MSc in Business and Finance, an LLM in commercial and transaction law, and a PhD in Project Finance from the University of Groningen.
New York
Margaret Osius

The Course Director specializes in capital markets, risk management, and international project finance. She works with corporations, financial institutions, public agencies, law firms, and private equity investors. She has had extensive transactional experience in the oil, gas, power, transport, and telecom sectors.

She began her career at JP Morgan Chase Manhattan Bank, where she structured highly leveraged deals and project financings also advising clients on foreign exchange and other price risk management strategies. Before that she was responsible for evaluating the quality of the bank’s global loan portfolio as well as that of its newly acquired affiliates. In that role she had extensive experience with workout and distressed debt.

She 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. The World Bank has published her articles on approaches to financial analysis in emerging markets.

Previously she was Chairperson of the Technical Advisory Panel (TAP) of the Public Private Infrastructure Advancement Fund (PPIAF) managed by the World Bank. The fund provides technical assistance to emerging marketThe Course Director specializes in capital markets, risk management, and international project finance. She works with corporations, financial institutions, public agencies, law firms, and private equity investors. She has had extensive transactional experience in the oil, gas, power, transport, and telecom sectors.

She began her career at JP Morgan Chase Manhattan Bank, where she structured highly leveraged deals and project financings also advising clients on foreign exchange and other price risk management strategies. Before that she was responsible for evaluating the quality of the bank’s global loan portfolio as well as that of its newly acquired affiliates. In that role she had extensive experience with workout and distressed debt.

She 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. The World Bank has published her articles on approaches to financial analysis in emerging markets.

Previously she was Chairperson of the Technical Advisory Panel (TAP) of the Public Private Infrastructure Advancement Fund (PPIAF) managed by the World Bank. The fund provides technical assistance to emerging market governments in order to encourage private involvement in infrastructure development. She is currently a Director of British Caribbean Bank and Waterloo Holdings Ltd. She received an M.B.A. from INSEAD, the Eur governments in order to encourage private involvement in infrastructure development. She is currently a Director of British Caribbean Bank and Waterloo Holdings Ltd. 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.

Dubai
Cledan Mandri-Perrott
The instructor is a Lead Financial Officer at the Singapore Global Infrastructure Centre of Excellence and a member of the World Bank’s Global Expert Team for PublicPrivate Partnerships. He has over 18 years’ experience in developing and implementing project finance transactions. Prior to the World Bank, he advised Governments and Private clients on multimillion dollar infrastructure projects. He has strong regulatory background and designed and implemented regulatory policy frameworks. He has practical operational experience having managed a utility in Trinidad and Tobago. He has gained a reputation as a pragmatic problem solver helping resolve regulatory and PPP disputes. He has written extensively on issues of PPP and infrastructure and is a regular presenter and trainer on PPP related topics. A graduate in Civil Engineering, he also holds an MSc in Business and Finance, an LLM in commercial and transaction law, and a PhD in Project Finance from the University of Groningen.

Venue

Dubai

Dubai Hotel

This programme takes place on a non-residential basis at a central Dubai hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

Dubai has an incredible number of hotels. Courses held here are mainly held at the J.W. Marriot hotel, Sheraton Dubai Creek and Le Meridien all in central Dubai.
 
J.W. Marriott Hotel – Abu Baker Al Siddique Road, PO Box 16590, Dubai, U.A.E
Phone +971 4 607 7811; Fax +971 4 607 7011
www.marriott.com
 
At the JW Marriott Dubai you will enjoy luxury on your terms; impeccable service and elegant surroundings allow you to relax and focus on your own agenda. With 344 luxuriously appointed rooms and suites the J.W. Marriott provides an oasis of calm in a busy city while the award-winning restaurants have the recipe for satisfying a taste for international flavour.        
 
Sheraton Dubai Creek – Baniyas Street, PO Box 4250, Dubai, U.A.E
Phone +971 4 228 1111; Fax +971 4 221 3468
www.starwoodhotels.com
 
After undergoing a complete renovation, the Sheraton Dubai Creek Hotel& Towers reopened October 10th, 2002 with a fully refurbished interior and exterior. The 255 room hotel now offers more creek-view rooms, redesigned atrium lobby, outstanding food and beverage facilities, upgraded rooms with state-of-the-art data connectivity, and Dubai's newest conference facilities. 

Le Meridien – PO Box 10001, Airport Road, Dubai, U.A.E
Phone +971 4 282 4040; Fax +971 4 282 5540
www.lemeridien-dubai.com
 
Le Meridien Dubai is a five star deluxe hotel built on two floors and surrounded by 38 acres of landscaped gardens. The hotel is elegantly furnished with a french accent that incorporates the individual character and flair of the local culture. The hotel is minutes away from the commercial districts and shopping centres and a short distance from Dubai International Airport. Facilities include a choice of 15 restaurants and bars, 24-hour room and laundry service, two fully equipped business centres and a state-of-the-art Spa and fitness club.

 
 

New York

New York Hotel

This program takes place on a non-residential basis at a New York hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

As with all programmes on-site administrators are with you throughout the programme to ensure smooth administration and group interaction.

London

Central London Hotel Venue

All courses are held at four or five star venues in Central London, Zone 1. We strive to provide you with a training environment of the highest quality, to ensure that the whole learning experience exceeds your expectations.

Your training venue will be confirmed by one of our course administrators approximately 3-4 weeks before the course start date.

Singapore

4-5 Star Hotel in Singapore

All of our courses are held in 4 – 5 star hotels, chosen for their location, facilities and level of service. You can be assured of a comfortable, convenient learning environment throughout the duration of the course.

Due to the variation in delegate numbers, we will send confirmation of the venue to you approximately 2 weeks before the start of the course. Course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

Related Courses

Inhouse


 

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.

To find out more about running this course in-house:





Our Tailored Learning Offering

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.

inhouse-learn-more

We can offer any of our public courses delivered at your office or we can devise completely tailored solutions:


Read more about our offering or complete a call back request to speak to a learning specialist.

 

Agenda

Agendas are localised, please select your preferred location.

Day 1


Theme: The Fundamental Building Blocks of an Infrastructure Financing Transaction


Overview

  • Origins of Project Finance and the development of PPP/PFI
  • Key differences between project finance and corporate balance sheet financing
  • Key differences between public and private infrastructure funding
  • What are the key benefits of a limited recourse project finance structure?
  • Key Stakeholders in an infrastructure project finance transaction
  • Main terminology & acronyms used (PPP, IFI, IPP, etc.)
  • What is the state of the infrastructure project finance/ PPP market post-crisis?
  • What is the impact of Basel III on infrastructure project finance & PPP?


Funding Structures

  • Funding structures
  • Gearing
  • Viability Gap Funding
  • Availability vs Market Risk
  • Cross sector comparisons
  • Refinancing/Mini Perms
  • Syndications

Introduction to Infrastructure & PPPs

  • What is a PPP?
  • Value for Money
  • Balance sheet treatment
  • Advantages / disadvantages of PPPs in infrastructure
  • The tender process
  • Regional comparison of PPP programmes – lessons to be learned
  • Common problems arising in PPP projects


Risk Identification, Analysis & Mitigation

  • What are the key risks in infrastructure projects?
  • Identification of risk types
  • Social & Environmental risk
  • Assessment of the impact of risk
  • Creation of a risk matrix
  • Risk mitigation
  • Role of the capital market derivatives in risk mitigation
  • Role of insurance to mitigate risk: commercial, financial, political


Sources of Debt & Equity

  • Equity funds
  • Developers & investors
  • Private equity
  • Institutional Sources
  • Key issues for Investors
  • Commercial Bank Debt: availability, terms, conditions & key issues for lenders
  • Multilaterals
  • Export Credit Agencies
  • Grant Funding
  • Local market financing
  • Monoline Insurance
  • Project Bond market
  • Islamic funding


Project Appraisal

  • Cashflow models
  • Issues to look out for
  • DCF, NPV & IRRs
  • Criteria & Ratios used by lenders & investors to measure performance
  • Project documents: information memoranda, etc.
  • Role of financial advisor & other consultants
  • Due diligence
  • Cashflow & Term Sheet Exercises
  • Course participants will be invited to discuss a project cashflow and term sheet to identify key issues

Day 2

Theme 1: Typical Documentation

Project Documents

  • EPC / construction contracts
  • Operations & maintenance contracts
  • Supply contracts
  • Sales/Offtake contracts
  • Shareholders’ agreements
  • PPP concession agreements


Finance Documents

  • Loan agreements: typical covenants
  • Direct (or Tripartite) Agreements
  • Security Agreements


Theme 2: Case Studies

Case Studies from a variety of developed and emerging markets and sectors. Why have some projects succeeded, whereas others have failed? Lessons from each will be identified and noted

Port Project, Hong Kong
Toll Road Project, Philippines
Port Project, Vietnam
Toll Road Project, Indonesia
Toll Road Project, Australia
Various Projects, Korea

Participants will conduct a Credit Committee exercise in teams, whereby each team will present a case for a project currently in the market to be judged by the other teams.

 

 

Day 1

 PPP Overview; Road and Other Transport Project Financing

What is a 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 (O&M), O&M and Management Leasing, Lease Develop Operate (LDO), Lease Purchase, Sale Leaseback 
  • Availability Models: Design Build: DB, DBM, DBO, DBFO
  • Concessions: BOT, BOOT, BOO
  • Privatization

Examples:  Power, Roads and Other Transport; Social Infrastructure

The PPP Tender Process

  • Specifying User Needs in Output Terms
  • Private Sector Informational Requirements
  • Identifying Bidders and Assessing Risks Negotiating Strategies and Closing

 
Sources of Finance: Managing and Allocating Risks in PPP; Making a Deal Bankable

  • Collecting Information/ Macro and Micro Concerns of Debt Providers
  • Risk Allocation in PPP/ Developing a Specialized Matrix
  • Risk Mitigation Techniques
  • Analyzing Risk Assumptions (Operating and Maintenance, Construction, Financial, Revenues)
  • Environmental Considerations

 

Quantitative Risk Analysis and Cashflow Forecasts

  • Debt vs Equity and Key Measurements
  • Probabilistic Modeling
  • Testing Sensitivities
  • Requirements of Creditors vs Investors
  • Other Stakeholder Considerations
  • “Value for Money” and the Public Sector Comparator (PSC); Unitary Payments (UPs)

Case Study: Financing a Toll-road

Participants will break into groups to evaluate the financing scheme for a toll road. 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.
 

Day 2

Sources of Finance for PPP; Railways, Ports and Airports

Legal and Contractual Issues in PPP Projects

  • Regulatory Framework and Enforceability
  • Policy Objectives of the Government Concessions and Licensing,
  • Process and Oversight
  • Consultants in the PPP Process

Case Study:  Reviewing a DBFO Term Sheet

Financing Issues:  Sources of Funds and Credit Enhancement for PPP

  • Bank Debt for Construction and Operation
  • Refinancing Possibilities
  • Club Deals, Syndications and Secondary Market Resale
  • Term Sheets, Information Memoranda and Credit Agreements
  • Conflict Resolution

Case Example: Canada Line Rapid Transit

  • PPP and Rapid Transit Projects
  • Phases of the Canadian Selection Process
  • Public Sector Comparator and Risk Assessment
  • Sensitivity to the Discount Rate

 
Using Capital Markets for Infrastructure Finance

  • Special Consideration in Issuing Bonds
  • Sales Process, Covenants, Workout Considerations
  • Role of the Rating Agencies
  • Tapping Local Markets

Financing Ports and Airports

  • Globalization of Production and Changing Technology
  • Requirements for Large Ships/Hub Status and Benefits
  • Environmental and Safety Concerns/ Dredging
  • Information Technology
  • Port Administration Models


Airports Compared to Ports

  • Public Financing vs. Private Finance
  • Main Terminals, Runways, Periphery Projects
  • Nature of Traffic
  • Origination and Destination or Hub Facilities?
  • Revenue Diversification
  • Upgrades or Greenfield?

Case:  Financing an Airport

Case focuses on conflicting goals of government and other stakeholders from the concessionaire to the contractor, operator and other stakeholders. Review of term sheet and cash flow projections. Evaluating project risks and their allocation through contracts in an airport transaction.  Proposed financing mix, and rating agency considerations in evaluating financing structure are considered.  
 

Day 3

Credit and Political Risk Support; Water and Social Infrastructure

Sources of Credit Support and Risk Support for International Projects

  • Official Risk Enhancers and PPP
  • Export Credit Agencies
  • Development Institutions
  • Rating Agencies and Pension Fund Sales
  • Private Insurers and Credit Wraps

Water  and Sanitation Infrastructure

  • Special Features of Water and Sanitation Projects
  • Array of Funding Structures for Service Agreements and  Concessions
  • Who are the Players? Investors? Lenders?    

Two Case Studies:

Financing a Water Treatment Plant

Reviewing the structure of a water sanitation project that leveraged development bank political support to access funding in the capital markets.
 
Non-revenue Water (NRW)

Participants will review the terms of a concession for a municipal wastewater treatment plant. They will also review a service contract for reducing non-revenue water. In each case they will consider the merits of the proposed financing.

PPP and Social Infrastructure 

  • Financing Hospitals, Schools, Prisons, Others
  • Sample Concessions and Contract Terms
  • Risk Evaluation and Allocation
  • Monitoring Requirements

Case Example:  Financing a Hospital

Self-test and Wrap-up

 

 

Day 1

 
Theme: the essential components which make up an infrastructure Project Finance / PPP deal
Overview 

  • Characteristics of infrastructure projects: public vs private 
  • Key players in an infrastructure project finance transaction 
  • Terminology & acronyms used (PPP, IFI, IPP, etc.) 
  • Origins & recent history of privatisations, project finance & PPP in infrastructure 
  • How are project financings initiated? What steps have to be taken? 
  • What is the state of the infrastructure project finance / PPP market post-the financial crisis? 
  • What is the impact of Basel III on infrastructure project finance & PPP?

Funding Structures 

  • Conventional government-backed loan security vs project finance/PPP structures: advantages/disadvantages 
  • Funding structures & proportions of debt & equity 
  • Cross-sector comparisons

 
Introduction to infrastructure & Public Services Project Finance Concessions(PPP): 

  • What is PPP: why the recent interest? 
  • The choices for government: public sector comparators & value for money analysis 
  • On/off balance sheet: rationale, issues & criteria for PPPs 
  • Advantages / disadvantages of PPPs in infrastructure 
  • The bid process & PPPs 
  • Common problems arising in PPP projects

Risk Identification & Analysis 

  • What is risk? Why are lenders risk averse? 
  • Identification of risk types 
  • Environmental risks: EQUATOR Principles 
  • Evaluation of the impacts of risk 
  • Creation of a risk matrix 
  • Risk mitigation: how can risk be mitigated and controlled, e.g. political risk? 
  • Role of the capital market derivatives in risk mitigation 
  • Role of insurance to mitigate risk: commercial, financial, political

Sources of Debt & Equity 

  • Equity funds: their requirements & expectations 
  • Developers & investors 
  • Private equity & SWF’s 
  • Pension funds & life insurance companies 
  • Key issues for Investors 
  • Privatisations of public services: how are they funded? 
  • Debt: availability, terms, conditions & key issues for lenders: 
  • Development bank funding 
  • Export credits 
  • Commercial loans & term sheet 
  • The bond markets: how they work & what are ratings 
  • Islamic funding 
  • Miscellaneous sources: offsets, leasing & barter

Project Appraisal & Bid Process 

  • Cash-flow models: how to structure a model. What measures to calculate 
  • Issues to look out for 
  • DCF, NPV & IRR: what do they mean? 
  • Criteria & Ratios used by lenders & investors to measure performance 
  • Project documents: information memoranda, etc. 
  • Role of financial advisor & other consultants 
  • Due diligence: what is it? Who pays?

Cash-flow & Term Sheet Exercises
Course participants will be invited to discuss a project cash-flow and term sheet to identify key issues

Day 2

 
Theme 1: (a) what contract documents are required, and (b) what are the key clauses?
Project Documents: Project Finance & PPP Concessions 

  • EPC / construction contract 
  • Operations & maintenance contract 
  • Supplies contract 
  • Sales contract 
  • Loan agreement: typical loan covenants 
  • Shareholders agreement 
  • PPP concession agreement

Theme 2: what has been the experience of Project Finance / PPP in the power sector?
Real-life Case Histories from developed and/or emerging markets worldwide will be taken and discussed for a range of projects in all the sectors mentioned below. Why have some succeeded, whereas others have failed? Is privatisation a realistic option? Lessons from each will be identified and noted.

Thermal power (oil, gas, coal, nuclear) 

  • Coal-fired power station, Central Europe 
  • An IWPP in the UAE 
  • Marine diesel plant in Togo 
  • Nuclear power projects 

 Hydropower (large & mini-) 

  • Large hydro IPPs in S. America & Turkey 
  • Mini-hydro C. Europe 

Power transmission & distribution: the issues & problems. How to harness private capital
Renewable energy
 

  • Wind power project, Cen. Europe 
  • Solar power, Spain 
  • Biomass plant, Mauritius
Day 3

 
Theme: what has been the experience of Project Finance / PPP in the transport sector?
Real-life Case Histories from developed and/or emerging markets worldwide will be taken and discussed for a range of projects in all the sectors mentioned below. Why have some succeeded, whereas others have failed? Is privatisation an option? Lessons from each will be identified and noted.


Roads 

  • M6 Toll, UK 
  • M1/M15, Hungary 
  • R1, Slovakia 
  • Bina Istra, Croatia 
  • Toll-road model in Chile 
  • N1/N4 Platinum Highway, S. Africa 
  • Lekki Expressway, Nigeria 

 Bridges & tunnels 

  • Dartford bridge, UK 
  • Milau viaduct, France 
  • Channel tunnel / Eurotunnel 
  • Oresund bridge, Sweden - Denmark 

 Railways & Metros 

  • TGV PPPs, France 
  • Rift valley railway, Kenya – Uganda 
  • Hong Kong mass transit 
  • Caracas Metro, Venezuela 
  • London Underground PPP 
  • CroydonTramlink 
  • Dubai Metro 

 Ports & airports 

  • Spata airport, Athens 
  • Tirana airport, Albania 
  • Quito airport, Ecuador 
  • Gdansk port, Poland 
  • Air traffic control: NavCanada
  • Private Investment in the Municipal and Public Accommodation Sectors 

 Hospitals 

  • West Middlesex & UCH, London; Braga, Portugal 
  • Schools 
  • Argyll & Bute, Scotland 
  • Prisons 
  • Fazakerley, UK 

 Govt. & office buildings 

  • HM Treasury Building, UK; Mapeley STEPS, UK 
  • Water treatment plants 
  • Seafield, Scotland; Muharreq, Bahrain

 
Waste management 

  • Manchester PPP, UK 

 Stadiums 

  • Wembley Stadium; Lille Stadium, France 

 Telecommunications 

  • Broadband PPP, Bucharest


 

Day 1


Theme: The Fundamental Building Blocks of an Infrastructure Financing Transaction


Overview

  • Origins of Project Finance and the development of PPP/PFI
  • Key differences between project finance and corporate balance sheet financing
  • Key differences between public and private infrastructure funding
  • What are the key benefits of a limited recourse project finance structure?
  • Key Stakeholders in an infrastructure project finance transaction
  • Main terminology & acronyms used (PPP, IFI, IPP, etc.)
  • What is the state of the infrastructure project finance/ PPP market post-crisis?
  • What is the impact of Basel III on infrastructure project finance & PPP?


Funding Structures

  • Funding structures
  • Gearing
  • Viability Gap Funding
  • Availability vs Market Risk
  • Cross sector comparisons
  • Refinancing/Mini Perms
  • Syndications

Introduction to Infrastructure & PPPs

  • What is a PPP?
  • Value for Money
  • Balance sheet treatment
  • Advantages / disadvantages of PPPs in infrastructure
  • The tender process
  • Regional comparison of PPP programmes – lessons to be learned
  • Common problems arising in PPP projects


Risk Identification, Analysis & Mitigation

  • What are the key risks in infrastructure projects?
  • Identification of risk types
  • Social & Environmental risk
  • Assessment of the impact of risk
  • Creation of a risk matrix
  • Risk mitigation
  • Role of the capital market derivatives in risk mitigation
  • Role of insurance to mitigate risk: commercial, financial, political


Sources of Debt & Equity

  • Equity funds
  • Developers & investors
  • Private equity
  • Institutional Sources
  • Key issues for Investors
  • Commercial Bank Debt: availability, terms, conditions & key issues for lenders
  • Multilaterals
  • Export Credit Agencies
  • Grant Funding
  • Local market financing
  • Monoline Insurance
  • Project Bond market
  • Islamic funding


Project Appraisal

  • Cashflow models
  • Issues to look out for
  • DCF, NPV & IRRs
  • Criteria & Ratios used by lenders & investors to measure performance
  • Project documents: information memoranda, etc.
  • Role of financial advisor & other consultants
  • Due diligence
  • Cashflow & Term Sheet Exercises
  • Course participants will be invited to discuss a project cashflow and term sheet to identify key issues

Day 2

Theme 1: Typical Documentation

Project Documents

  • EPC / construction contracts
  • Operations & maintenance contracts
  • Supply contracts
  • Sales/Offtake contracts
  • Shareholders’ agreements
  • PPP concession agreements


Finance Documents

  • Loan agreements: typical covenants
  • Direct (or Tripartite) Agreements
  • Security Agreements


Theme 2: Case Studies

Case Studies from a variety of developed and emerging markets and sectors. Why have some projects succeeded, whereas others have failed? Lessons from each will be identified and noted

Port Project, Hong Kong
Toll Road Project, Philippines
Port Project, Vietnam
Toll Road Project, Indonesia
Toll Road Project, Australia
Various Projects, Korea

Participants will conduct a Credit Committee exercise in teams, whereby each team will present a case for a project currently in the market to be judged by the other teams.

 

 

Why us


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