Project Finance Mechanics

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Project finance mechanics combines lectures, case studies and hands-on exercises in explaining the valuation, risk analysis and financial structuring of project finance transactions. The theory of project finance is described through contrasting project finance transactions with traditional corporate finance.

Participants discuss case studies of failed and successful projects from different industries and different countries to understand various sources of risk ranging from commodity price risk to wind speed risk to construction delay risk. Alternative methods to mitigate risk and measure un-mitigated risks are addressed through using practical analysis exercises that demonstrate the use of debt service coverage, loan life coverage and project life coverage and other factors in project finance models.

Participants examine structuring issues involving the debt capacity, debt repayment techniques, debt tenor, covenants, debt service reserve accounts and re-financing for projects with alternative contract frameworks and operating risks.

The course features:

  • Theory of project finance versus corporate finance and debt capacity
  • Valuation and credit analysis in famous project finance failures
  • Public policy issues in project finance with PPP’s, IPP’s, tollroads, natural resources and renewable energy
  • DSCR, PLCR and LLCR for scenario analysis, break-even analysis and debt sizing
  • Efficient structuring and design of project finance models with different risks
  • Interpretation of models and understanding difficult programming issues
  • Structuring annuity, sculpted repayment and level repayment
  • Costs and benefits of covenants, DSRA’s, MRA’s and cash flow sweeps
  • Re-financing in assessing the return on selected projects

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