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Advanced Project Finance

Advanced Project Finance

This Advanced Project Finance Workshop built as a rapid-paced discussion of critical aspects of project structures, at its conclusion participants, will be able to break analysis into its parts.

Participants will have gained techniques for assembling market information, making qualitative judgments, developing fundamental agreement and conducting a thorough quantitative financial analysis of projects. This module further identifies the many sources of finance and risk support, from bank markets to bond issuance, leasing and other foreign and local currency funding alternatives, highlighting their differences, requirements and investor concerns.

Master the advanced modeling techniques required to drive the analysis of complex projects and transactions across a broad range of industries. Successful execution of project finance transactions requires comprehensive modeling and debt analysis.

Advanced Project Finance Modelling enables you to extend your debt modeling capabilities to drive the transaction process. Bankers, sponsors, and investors all benefit from the powerful techniques for debt sizing, covenant monitoring and development of financial statements. With a continuous focus on robustness and flexibility and analytical techniques such as multi-asset modeling, this course is guaranteed to boost your project finance career and give you all the tools to reach financial close. You will learn the modeling principles and structured approach that are applicable across a range of industries.

Participants will be updated on the latest techniques and innovations in funding projects. They will learn to structure project transactions to minimize risks and improve prospects for future strong performance both in existing portfolios and new deals. The course helps participants understand the many sources of finance and risk support available to projects in GCC and globally.

Effective project risk management using interest rate, currency, and commodity derivatives is described.

Advanced Project Finance provides participants with the ability to understand project finance theory through creating and understanding project finance models. Advanced elements of the course focus on sculpting with debit fees, taxes, balloon repayments and DSRA’s as well as resolving circularity using functions rather than copy and paste macros.

You might be interested in other Project Management programs as a next step.

YOU WILL LEARN HOW TO

With a continuous focus on robustness and flexibility, this course is guaranteed to boost your project finance career and give you all the tools to reach financial close. You will learn the modeling principles and structured approach that can be applied across a range of industries.

The course helps participants understand the many sources of finance and risk support available to projects in GCC and globally. From banks to bond issuance, leasing and other foreign and local currency funding, it highlights differences among markets, disclosure requirements, distribution, investor considerations, etc. Effective project risk management using interest rate, currency, and commodity derivatives is described.

IMPORTANT COURSE INFORMATION

Participants who fully attend this course and complete the test on the last day will receive a Strategic Axis Professional Certificate (SAPC). SAPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.

COURSE OUTLINE

Modules

Module 1: Project Finance Overview

Current Challenges /Approaches

Who are the Players? Identifying and Allocating Risks

What Can Go Wrong?

Examples from the Different Sectors

Financing Infrastructure

Module 2: 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

Module 3: Sources of Finance: Financing Checklist

Domestic and Foreign Banks

Bond Markets

Development Banks, ECAs, and Other Official Creditors

Leasing

Islamic Finance

Sources of Equity

Module 4: Cash-flow Forecasting

Financial Modelling 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

Module 5: 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

Critical 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

Module 6: 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

Module 7: 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

Module 8: Sector Considerations

Ownership Structure

Outright and Partial Government Ownership

Long-Term Concessions and PPP structures like DBFO

Privatization of Seaports; Airport Financing

Module 9: Using Capital Markets for Projects

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

Module 10: Leasing Applications

Leasing Applications in Projects

Evaluating Cost

Module 11: Conventional and Renewable Power Projects

Market forces and the effect on electrical supply

Fragmentation of electricity generation

Gencos/transcode/discos

Merchant power plants (MPPs)

Rating agencies’ analytical model

Various types of renewable energy projects

Comparing renewable to traditional fossil fuel burning plants

Government incentives for renewable energy projects

 

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