Principles of Project Finance / Edition 1

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This introduction for practitioners offers a balanced view of project financing, integrating legal, contractual, scheduling, and other areas that participate in large multiparty projects, large single-asset purchases, and broad-based financing programs for fleets of assets. It mixes theories and case studies but avoids becoming too oriented toward applications in any one particular industry. It focuses on the concepts and techniques required by project finance people without being overly academic or beset by case studies. The author, who has a legal background, recognizes that some legal information is necessary, but he doesn't attempt to write a law book.

Project Finance refers to the techniques of financing projects which are dependent on cash flows for repayment, as defined by the contractual relationships within each project. By their very nature, these types of projects rely on a large number of integrated contractual arrangements for successful completion and operation. Project finance is an element within the larger field of project management. Many organizations around the world utilize project management to enable innovative processes, to plan, organize, and control strategic initiatives, to monitor enterprise performance, to analyze significant deviations, and to forecast their impact on the organization and project(s). Project management can be found in many industries today, from construction and information systems to healthcare, financial services, education, and training.

Key Features:
-A comprehensive and authoritative guide to the theory and practice of project finance.
-An international scope, covering projects in both the developed and developing worlds.
-The book describes and explains:
-Sources of project finance.
-Typical commercial contracts (such as those for construction of the project and sale of its product or services) and their impact on the project finance structure.
-Project finance risk assessment from the points of view of lenders, investors, and other project parties.
-Structuring the project finance debt.
-The key issues in negotiating a project finance debt facility.
-Extensive glossary and cross-referencing.
-No prior knowledge of project finance or financing techniques is assumed.

Audience: Professionals (bankers, members of various financial institutions-venture capital, the capital markets, international fund groups-as well as attorneys, various government regulators, and project finance professionals) who want a broad, high-level overview of project finance concepts and techniques. Graduate students and students enrolled in post-graduate or professional-level private courses on project financing.

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Editorial Reviews

From the Publisher
"This book provides a comprehensive treatment of project finance accessible to those less familiar with the subject matter yet detailed enough to serve as a valuable reference for the experienced manager. The book covers a wide array of topics from legal issues to valuation methods, and even hedging financial risk with financial derivatives. Given the increasing importance of project finance in Asia and the Pacific Rim, Principles of Project Finance, will be an invaluable reference for academics and managers alike in this region."
—Nobuya Takezawa, International Christian University, Tokyo, Japan

"This is an authoritative work written by a distinguished practitioner. I have no doubt it will quickly become a key text for those in both public or private sectors whose work involves Project Finance."
—Michael Gerrard, Head of Public Private Partnerships, Partnerships UK plc

A London-based consultant explains project financing as a method of raising long-term debt to finance major projects by borrowing against the cash flow generated by the project alone. It depends, he says, on a detailed evaluation of a project's construction, operating, and revenue risks; and their allocation between investors, lenders, and other parties through contractual and other arrangements. The approach has been gaining popularity over the past two decades as privatization and deregulation have dried up conventional sources of funding. The glossary doubles as a minimal index. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9780127708515
  • Publisher: Elsevier Science
  • Publication date: 6/20/2002
  • Edition description: Older Edition
  • Edition number: 1
  • Pages: 344
  • Product dimensions: 6.20 (w) x 9.42 (h) x 0.88 (d)

Meet the Author

E.R. Yescombe is an independent consultant on project finance and public-private partnerships (PPPs), advising investors on financing for power, infrastructure and PPP projects, as well as public-sector entities on PPP policy issues, project procurement and contracting.

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Table of Contents

What is Project Finance?
The Project Finance Markets
Project Development and Management
Working with Lenders
Project Contracts: (1) The Project Agreement
Project Contracts: (2) Ancillary Contracts
Commercial Risks
Macro-economic Risks
Political Risks
Political Risk Guarantees, Insurance and Finance
Financial Modelling and Evaluation
Financial Structuring and Documentation
Glossary and Abbreviations

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  • Posted March 7, 2010

    more from this reviewer

    Excellent and thorough practical treatment of project finance issues for professionals and others looking for a broad and deep understanding

    E. R. Yescombe's Principles of Project Finance, published by Elsevier Academic Press, is an excellent and thorough practical treatment of project finance issues for professionals and others looking for a broad and deep understanding. At 344 pages, this book includes 13 chapters and a detailed glossary of terms.

    Clearly this book is by an exceptionally experienced and talented author, who focuses on how to make the project work. Every chapter is a good chapter; I particularly found Chapter 8 interesting with its detailed discussion of project risks, including, e.g. EPC contracting issues (Engineering, Procurement and Construction contracts), commercial viability, completion risks, credit risks, construction cost overruns, delays, relocation of utilities, protesters, project dependencies, environmental risks, operating risks, technology risks, operating cost overruns, maintenance, long-term sales contracts, waste disposal, recourse to sponsor issues, and many more. Yescombe discusses numerous issues and potential situations, and provides suggestions for how to resolve the issue.

    In the first section, chapters 1-5, Yescombe provides a detailed discussion of the basics of project finance, with numerous tables and charts. For example,
    Chapter 1 is a general introduction to project finance,
    Chapter 2 reviews key characteristics of project finance and why it is used
    Chapter 3 discusses markets for raising project finance debt
    Chapter 4 discusses initiation and structuring of project development and finance for private and public projects
    Chapter 5 reviews procedures for obtaining project finance from private lenders

    In the second section, chapters 6-7, Yescombe discusses project finance documentation:
    Chapter 6 discusses the main Project Agreement, which is often an Offtake Contract or Concession Agreement
    Chapter 7 reviews other project contracts, such as construction and operation of the project, raw materials and other inputs, insurance, etc.

    In the third section, chapters 8-11, Yescombe reviews project finance risk:
    Chapter 8 discusses project risk and mitigation from the viewpoint of lenders
    Chapter 9 analyses the effect of macroeconomic risk, such as inflation, interest rates, exchange rates, on project finance, and mitigation efforts
    Chapter 10 reviews effects of political risks on projects
    Chapter 11 reviews mitigation of political risk, including insurance, guarantees, export credit agencies and development banks, etc.

    In the last section, Yescombe discusses the financing structure for projects
    Chapter 12 reviews the use of project financial models for investors and lenders
    Chapter 13 demonstrates review and risk analysis during negotiation of project finance structure and terms

    Yescombe's Principles of Project Finance is a highly useful addition for anyone involved with project management and project finance, and serves as a useful reference.

    By David Hoicka

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