Summary: Yvor Financial
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1 Intro
This is a preview. There are 26 more flashcards available for chapter 1
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How does private sector analyze an investments
Amount of Revenue- Risk of
revenue Cost of investmentFeasability of projectBusinessplan Use of the money- Scenario's
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Project finance characteristics
- Long construction & operating life
- Lenders expect repayments based on expected
cashflows - Highly
levaraged - SPV physical asset worth less then debt
- SPV
limted lifetime No revenue guarantees to equity investors
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Reasons government uses PPP
Budget: they don't have enough budget
Complexity: Government not having enough skills
Cooperation: Helps spreading the risk of project
Private sector efficiency: Commercial intrest -
Reasons private sector to PPP
Low cost
High leverage
Tax benefits
Risk limitations -
What is project company
Lies at the heart of all contractual and financial relationships. Most often limited partnership. -
What is hurdle rate?
What investors minimal want. Describes the approriate compensation for the level of risk -
Why is debt cheaper than equity
- Lower risk >> Lower expected return
- Tax deduction
- Lower risk >> Lower expected return
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Why not 100% debt financing?
There is no risk carrier -
List project finance risk types + explain briefly
Commercial risksRevenue : Not getting expected revenue, fix with offtake or availablity-based agreementEnvironmental Commercial viability: Wether the project works good in the market, do research.Input supply: raw material suplly cannot be guaranteedConstruction : Ability to deliver in time and budget. Mostly CA takes thisOperating : Long term performance guarantee from EPCMacro-eco risks Intrest : negotiate fixed intrestInflation Exchange rate
RefinancingRegulatory and political risksRegulatory : Law changesPolitical : War, Regime changes -
Explain Ring fenced project
- Project is economically self contained
- Lender only resource is projected Cash flows
- Project is undertaken through a SPV
Ezelbrug: ECS (Eco, CF, SPV)
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