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Principles of Project Finance / Edition 2

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Overview

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.

Author Biography: Edward Yescombe is a law graduate of Oxford University. After working for Grindlays Bank in London, India and Singapore, he joined the Bank of Tokyo in London, where he set up project and other structured finance activities in 1987. In 1998 he became an independent consultant in project finance, and in 1998/9 advised the sponsor group for the Carthage power project, Tunisia's first IPP.

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

Booknews
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 (booknews.com)
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

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Product Details

  • ISBN-13: 9780123910585
  • Publisher: Elsevier Science
  • Publication date: 12/9/2013
  • Edition description: New Edition
  • Edition number: 2
  • Pages: 560
  • Sales rank: 936,130
  • Product dimensions: 6.10 (w) x 9.10 (h) x 1.30 (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

Ch. 1 Introduction 1
Ch. 2 What Is Project Finance? 5
Ch. 3 The Project Finance Markets 21
Ch. 4 Project Development and Management 33
Ch. 5 Working with Lenders 49
Ch. 6 Project Contracts: (1) The Project Agreement 69
Ch. 7 Project Contracts: (2) Ancillary Contracts 105
Ch. 8 Commercial Risks 137
Ch. 9 Macroeconomic Risks 183
Ch. 10 Political Risks 203
Ch. 11 Political Risk Guarantees, Insurance, and Finance 217
Ch. 12 Financial Modeling and Evaluation 251
Ch. 13 Financial Structuring and Documentation 283
Glossary and Abbreviations 329
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