Contents
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Chapter 1 - Introduction |
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Chapter 2 - What Is Project Finance? |
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| §2.1 Introduction | |
| §2.2 Definition and Basic Characteristics | |
| §2.3 Development of Project Finance | |
| §2.4 Elements of a Project-Finance Structure | |
| §2.5 Examples of Project-Finance Structures | |
| §2.6 Why Use Project Finance? | |
Chapter 3 - Project Development and Management |
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| §3.1 Introduction | |
| §3.2 Sponsors and Other Investors | |
| §3.3 Project Development | |
| §3.4 The Rôle of Advisors | |
| §3.5 Joint-Venture Issues | |
| §3.6 The Project Company | |
| §3.7 Public Procurement | |
Chapter 4 - The Project-Finance Markets |
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| §4.1 Introduction | |
| §4.2 Commercial Banks | |
| §4.3 Bonds | |
| §4.4 Other Non-Bank Lenders | |
| §4.5 Other Sources of Private-Sector Debt | |
Chapter 5 - Working with Lenders |
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| §5.1 Introduction | |
| §5.2 Commercial Banks | |
| §5.3 Bonds | |
| §5.4 Bank Loans Versus Bonds | |
| §5.5 Lenders’ Due-Diligence Process and External Advisors | |
| §5.6 Lenders and the Public-Procurement Process | |
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Chapter 6 - Types of Project Agreement |
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| §6.1 Introduction | |
| §6.2 BOT, BTO et al. | |
| §6.3 Offtake Contract | |
| §6.4 Availability-based Contract | |
| §6.5 Concession Agreement | |
| §6.6 Other ‘PPP-like’ Contracts | |
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Chapter 7 - Common Aspects of Project Agreements |
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| §7.1 Introduction | |
| §7.2 Term | |
| §7.3 Payment Mechanism | |
| §7.4 Contract Monitoring by the Offtaker / Contracting Authority | |
| §7.5 Performance Bonding and other Guarantees | |
| §7.6 Compensation Events | |
| §7.7 Excusing Causes | |
| §7.8 Relief Events | |
| §7.9 Step-in by the Offtaker / Contracting Authority | |
| §7.10 Termination of the Project Agreement | |
| §7.11 Change of Ownership | |
| §7.12 Dispute Resolution | |
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Chapter 8 - Sub-Contracts and other Related Agreements |
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| §8.1 Introduction | |
| §8.2 Construction Contract | |
| §8.3 O&M / Maintenance Contract(s) | |
| §8.4 Building-Services Contract | |
| §8.5 Fuel or other Input-Supply Contract | |
| §8.6 Insurance | |
| §8.7 Site Lease and other Usage Rights | |
| §8.8 Permits and other Rights | |
| §8.9 Amendments to and Replacement of Sub-Contracts | |
| §8.10 Parent-Company Guarantees | |
| §8.11 Direct Agreements | |
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Chapter 9 - Commercial Risks |
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| §9.1 Introduction | |
| §9.2 Risk Evaluation and Allocation | |
| §9.3 Analysis of Commercial Risks | |
| §9.4 Commercial Viability | |
| §9.5 Construction Risks | |
| §9.6 Revenue Risks | |
| §9.7 Operating Risks | |
| §9.8 Input-Supply Risks | |
| §9.9 Force Majeure | |
| §9.10 Environmental Risks | |
| §9.11 Residual-Value Risk | |
| §9.12 Contract Mismatch | |
| §9.13 Recourse to the Sponsors | |
| §9.14 Risks for an Offtaker / Contracting Authority | |
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Chapter 10 - Macro-Economic Risks |
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| §10.1 Introduction | |
| §10.2 The Time Value of Money | |
| §10.3 Interest-Rate Risks | |
| §10.4 Inflation | |
| §10.5 Foreign-Exchange Risks | |
| §10.6 Refinancing Risk | |
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Chapter 11 - Regulatory and Political Risks |
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| §11.1 Introduction | |
| §11.2 Projects and Politics | |
| §11.3 Change in Law | |
| §11.4 Investment Risks | |
| §11.5 Wider Political Risks | |
| §11.6 ‘Sub-Sovereign’ Risk | |
| §11.7 Government Support Agreement | |
| §11.8 Political-Risk Insurance and Guarantees | |
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Chapter 12 - Financial Structuring |
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| §12.1 Introduction | |
| §12.2 Investors’ Analysis and Equity Structure | |
| §12.3 Debt Cover Ratios | |
| §12.4 Debt:Equity Ratio | |
| §12.5 Debt Service | |
| §12.6 Interest Rate and Fees | |
| §12.7 Additional Costs | |
| §12.8 Optimizing the Financial Structure | |
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Chapter 13 - The Financial Model |
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| §13.1 Introduction | |
| §13.2 Model Inputs | |
| §13.3 Macro-economic Assumptions | |
| §13.4 Project Costs and Financing | |
| §13.5 Operating Revenues and Costs | |
| §13.6 Accounting and Taxation Issues | |
| §13.7 Model Outputs | |
| §13.8 Sensitivity Analysis | |
| §13.9 The Base Case & Financial Close | |
| §13.10 Using the Model after Financial Close | |
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Chapter 14 Project-Finance Loan Documentation |
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| §14.1 Introduction | |
| §14.2 Lenders’ Term Sheet | |
| §14.3 Construction Phase—Drawdown of Debt | |
| §14.4 Operating Phase—Control of Cash Flow | |
| §14.5 Reporting Requirements | |
| §14.6 Debt Reduction and Prepayment | |
| §14.7 Lenders’ Security | |
| §14.8 Conditions Precedent | |
| §14.9 Representations and Warranties | |
| §14.10 Covenants | |
| §14.11 Permissions, Waivers and Amendments | |
| §14.12 Events of Default | |
| §14.13 Lenders’ Decision-Making Process | |
| §14.14 Intercreditor Issues | |
| §14.15 Governing Law and Jurisdiction | |
| §14.16 Debt Refinancing | |
| §14.17 Secondary Equity Sale | |
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Chapter 15 - Public-Sector Financial Support |
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| §15.1 Introduction | |
| §15.2 Indirect Public-Sector Financial Support | |
| §15.3 Direct Public-Sector Financial Support | |
| §15.4 Mezzanine Debt | |
| §15.5 Standby Financing | |
| §15.6 Refinancing after Project Completion | |
| §15.7 Gap Financing | |
| §15.8 Policy Banks | |
| §15.9 Credit Guarantee Finance | |
| §15.10 Capital Grant | |
| §15.11 Viability-Gap Funding | |
| §15.12 Part-Construction of the Project | |
| §15.13 Complementary Investment | |
| §15.14 Full Debt Guarantee | |
| §15.15 First-Loss Debt Guarantee | |
| §15.16 Pari-Passu Debt Guarantee | |
| §15.17 Debt Underpinning | |
| §15.18 Minimum Revenue Guarantee | |
| §15.19 Tariff Subsidy | |
| §15.20 Public-Sector Project Company | |
| §15.21 Guarantee Funds | |
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Chapter 16 - Export-Credit Agencies and Development-Finance Institutions |
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| §16.1 Introduction | |
| §16.2 Export Credit Agencies | |
| §16.3 Political-Risk Insurance for Investors | |
| §16.4 ECAs and Bilateral DFIs | |
| §16.5 Multilateral Development-Finance Institutions | |
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Chapter 17 - Recent Market Developments & Prospects for Project Finance |
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| §17.1 Introduction | |
| §17.2 The Effect of the 2008 Financial Crisis | |
| §17.3 The ‘Basel Process’ | |
| §17.4 Non-Bank Lenders | |
| §17.5 Improving Project-Finance Credit Risk | |
| §17.6 New Models | |
| §17.7 The Future of Project Finance | |
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Glossary and Abbreviations |
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