Project Finance Training Week

5 days 5-9 Dec 2016, Hong Kong Hong Kong $6,800.00 Download brochure Add to basket

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This suite of courses is designed to help developers, equipment suppliers, official creditors, and other project participants acquire the skills needed to structure and evaluate project financing transactions in a wide variety of industrial sectors.

Attend this training week programme and save over 12.5% on the combined price of:

Take advantage of the special price of US$8,700 if you attend the full Project Finance Training week and Conventional & Renewable Independent Power Projects & Cashflow Modelling.

Who should attend

The courses will be of value to professionals in the following areas:

  • Bankers/Investment Bankers
  • Project Finance Modelers
  • Financial Advisors
  • Sponsors/Project Joint Ventures
  • Project Developers
  • Government/PPP Agencies
  • Public Sector Managers
  • Export Credit Agencies
  • Multilateral Agencies
  • Accountants/Taxation Advisers
  • Financial Analysts
  • Share market Analysts/Brokers
  • M&A/Buyout Specialists
  • Privatization Executives
  • Company Treasurers/Directors
  • Credit Committee Staff
  • Rating Agencies
  • Project Managers/Engineers
  • Project Consultants
  • Investment/Portfolio Managers
  • Insurance Advisers/Brokers


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.

Hong Kong
Meg Osius (new)
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 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 European Institute of Business  Administration, in Fontainebleau, France. Her B.A. degree is from Princeton University.


Hong Kong

4-5 Star Hotel in Hong Kong

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


We can bring this course to your company's office.

If you simply 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. Our tailored learning solutions are designed specifically for your organisation’s needs.

We’ll be here to support you every step of the way. From the initial consultancy through to evaluating the success of the full learning experience. We'll ensure you get the maximum return on your training investment.

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DAY 1            Themes: Structuring Projects and Creating a Security Package; Cashflow Analysis  


AM                 Project Finance Overview


Current Challenges for Project Finance

Who are the Players? Identifying and Allocating Risks

What Can Go Wrong?

Examples: Oil and Gas Pipeline Projects  


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


PM                  Cashflow Forecasting: View of the Creditors


Financial Modeling and Cash Flow Analysis

Common Metrics: DSCR and LLCR, Project Life Coverage

Forecasting Techniques and Limitations

Probabilistic vs. Non-Probabilistic Model-Building


Case Study: Using Cash Flow Modeling Software to Assess Finance for a Gas Processing Facility


Participants break into small groups to prepare a case study that analyzes a gas processing project.  A computer simulation will be used to model cashflows. Groups will present their solutions.



DAY 2                        Themes: Documentation and Sources of Finance and Credit Enhancement;  Financing Infrastructure


AM                             Cashflow Analysis: Equity Considerations


 IRR, NPV, Investment Horizons

Approaches to Evaluating the Cost of Capital

                                    Project Returns vs. Equity Returns


Legal Issues and Documentation


Legal Environment and Regulatory Conditions

Commercial Points and Legal Points in Various Project Structures:

Incorporated and Unincorporated Joint Ventures

Partnerships and Limited Partnerships 

Key Contractual Agreements

Developing a Term Sheet

            Limiting Recourse

            Tax Gross Up Issues

            Market Interruption

            Reps and Warranties

            Conditions Precedent

            Covenants Including MAC Clauses

            Hedging Requirements                 


PM                              Credit Enhancement with Export Credit Agencies (ECAs)


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


Syndicated Bank 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

Inter-creditor Issues


PPP and Projects in the Transportation Sector

What is PPP?

            Outright and Partial Government Ownership

            Long-Term Concessions vs “Availability” Models

            Road and Rail Finance

            Private Operation of Seaports and Airports

            Constructing a Risk Matrix for a Transport Project




DAY 3            Themes:  Financing Sources


AM                 Case Discussion     


Case Study: Airport Finance; Negotiating a Term Sheet


Participants will break into groups to work on this transport project structure. Discussion will focus on project risks, their allocation through contracts, the mix of financing, cash flow projections, as well as rating agency considerations in evaluating the proposed financing structure.


Accessing Capital Markets for Project Bonds


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


PM                  Islamic Finance


Structures, Authorities and Applications

Ijara, Istisna and Sukuk



                        Financing Independent Power Transactions (IPPs)


                        Sector Liberalization and the Emergence of IPPS

                                    (Gencos, Discos, Transcos)

                        Base–load facilities vs Peakers

Fuel Sources and Heat Rates

Comparative Costs

Contracted Sales vs Merchant Plants



DAY 4            Themes: Leasing; Derivatives; Development Agencies; Power Projects


AM                Leasing Applications in Projects



Evaluating Cost



Derivatives for Project Risk Management


Financial Price Movements Today: Volatility and Risk

Using Interest Rate and Currency Swaps to Manage Risk in Projects

Options: Caps, Floors and Collars

Commodity-Linked Derivatives and Securities

Case:  Interest Rate and Currency Risk Management for a Power Project


                      Development Agencies and Political Risk Enhancement


  Official Political Risk Enhancement (ECAs, Development Banks and Others)

  Private Sources of Political Risk Insurance


PM                  Case Study: Financing a Combined Cycle Power Plant


Risk allocation among various project participants in a gas-fired electricity facility. Testing the project's cash flows under varying scenarios with a cash-flow simulation model. What are acceptable DSCR levels?  Acceptable equity returns?






(1-                  Hong Kong


DAY 5                         Themes:  Oil and Gas Project Finance; Equipment Finance


AM                             Overview of the Oil and Gas Sector


Structure: Upstream, Midstream, Downstream

Hydrocarbon Basics: Geology, Reserves

Supply and Consumption

Oil Production: Process Depletion and Enhanced Recovery

Financing Structures: Balance Sheet vs. Limited Recourse

            Field Development and Platform Types

            Production Facilities

            Building and Financing Pipelines

            Refineries and Petrochemical Plants

            LNG Facilities


                                    Allocating Risk in Various Types of Oil and Gas Projects


Technology and Construction/Completion

Reservoir/Reserve Risks

Feedstock Risk

Sales and Off-take

Operation and Maintenance


Environmental/Regulatory Issues

Country/Political Risk


Case Study: Financing Condensate Field Development


                              Evaluating the security package and forecasting cash flows for a                                    condensate field. Search for funding.


PM                              Logistics and Transportation


Logistics: Pipelines, Shipping, and Storage

Types of Tankers

            AFRA Classes (Average Freight Weight Assessment)

                                    ULCC to Tanker Lightering






DAY 5  (cont.)


Case Study: Project Financing Equipment Sales and Purchase and Cash Flow Modeling


Participants will break into small groups to prepare a case study concerned with equipment financing. A computer simulation will be used to model possible outcomes. Groups will present their solutions.






(3 Days)

Hanoi, Vietnam

Day 1

Themes: Structuring Independent Power Projects; Conventional Power and Renewable Energy; Cash flow Forecasting

AM                 Overview of Energy Project Financing

             Global Growth of the Market: Countries, Sectors, Drivers of growth

             Energy Usage and Investment Globally

                        Comparative Levelized Cost of Energy (LCOE)

                            Gas Facilities: Base-load and Peakers

                                                Coal-fired Plants


                                              Wind Farms

                            Solar Power

                                                            Landfill Gas and Biomass

                                                            Geothermal Energy

                                                            Small-scale Hydro

             Global Incentive Programs

                                     Feed-in tariffs (FIT)

                                     Renewable portfolio standards (RPS)

                                     Renewable Energy Credits (RECs)

                                     Depreciation, Allowances, etc.

                                     Public Tendering

                                     Other Grants and Incentives

             Financing Structures and Players


Power Projects Risk Identification and Allocation

             Different Approaches/Risks in Financing

            Shareholder Structures

                            Construction and Warranty Issues

                Equipment Supply and Timelines

                        Balance of Plant (BOP) Agreements

                            Land Lease or Acquisition

                            Environmental and Permitting Considerations

                            Technology Advances and Operational Issues

                            Transmission and Interconnection

                            PPA Considerations

PM                  Assessing Investment Opportunity and Debt Capacity                     

Cashflow Forecasting Techniques and Limitations      

Sensitivity Analysis and Creditor Considerations

Sponsor Return Calculations

                        Tax-equity Investors and Other Considerations


CASE STUDY: Financing a Single Asset Wind Farm with a Limited Recourse Structure


DAY 2           

Themes: Legal Considerations: Solar Power and Cashflow Model Development

AM                 Legal and Contractual Issues for Conventional vs Renewable Projects


Assessing Key Contractual Agreements in Depth

Power Purchase Agreements

Equipment Supply and Time Lines

Service Agreements and Warranties

Balance of Plant Agreements

Operating and Maintenance Understandings

Land Leases

Shareholder Structures


Solar Power Project Finance


                        Solar Photovoltaic Systems and Solar Thermal

                                    Issues of Scale, Cost and Application

                                    Financing Challenges and PPA Solutions

                                    Roof and Ground Leasing Issues; Other Site Requirements

                                    Technology Warranties


PM                  Case Study: Financing a Solar Park; Developing a Cashflow Model


Delegates will evaluate the security package for a solar power plant.  They will look at financing choices, structure, evaluate project cash flows, and quantify their risk assessments


Themes: Political Risk Support from Development Banks and Others; Base-load Renewable Providers        


        AM                         Bio-mass and Bio-fuel Projects


What are the Prospects for These Technologies?

Emissions, Waste Disposal, and other Regulatory Issues

Case Example:  Wood-fired bio-mass project


Credit and Other Risk Enhancement


      Official Political Risk Enhancers

                  Export Credit Agencies (ECAs)

                  Multilateral, Bilateral, and National Development Banks and Others

      Accessing Local Bank Finance and Capital Markets     


                     Guest Speaker: Guest Speaker: Power Project Finance in Vietnam Today

                      (Robert Schiffer; Dragon Capital, Vietnam)


PM                  Hydro-electric Facilities


 Medium and Large Hydro Facilities

 Dams and Other Environmental Sensitivities

 Small-Scale Run-of-the River Plants

 Pumped Storage Facilities

 Financing Considerations: Advantages/Risks/Structuring Approaches


Case Study:  Financing a Run-of-the-River Small Scale Hydro Plant with Merchant Sales


                        Wrap up and Self-test



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.
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  • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
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