Euromoney Audit Training

In this 3 day course participants will learn about:

• Structuring Renewable Energy Projects: Wind, Biomass, Small Hydro, Landfill Gas and Waste to Energy, Solar Risk Assessment and Allocation in Renewable Transactions
• What Countries?
• Incentives: Feed-in tariffs, Renewable Portfolio Standards, Subsidies and Grants, Tax Credits, Depreciation Schedules, and others
• Carbon-Credits and Trading Markets
• Cashflow Analysis and Structuring Alternatives
• Debt and Equity Alternatives and Incentives
• Commodity Price Hedging for Wind and Other Deals
• Managing International Risks

DAY 1: Themes: Renewable Financing, Energy Initiatives and Project Economics; Wind Projects

OVERVIEW OF RENEWABLE ENERGY PROJECT FINANCING

Global Growth of the Market: Various Types of Renewable Energy Projects and Comparative Costs

• Wind Powered Electricity Plants
• Small-Scale Hydro Plants
• Landfill Gas Projects
• Bio-Mass and Bio-Fuels
• Geothermal Energy
• Solar Power

Snapshot of Global Incentive Programs Designed to Encourage Renewable

• Energy Usage and Investment (Europe, U.S., India, China)
• Feed-in Tariffs
• Renewable Portfolio Standards and Renewable Energy Credits
• Depreciation, Allowances, etc. Financing Structures and Players

RISK IDENTIFICATION AND ALLOCATION IN A WIND PROJECT FINANCING: Different Approaches/Differing Risks from Conventional Power Project Finance

• Construction and Warranty Issues
• Technology Advances
• Operational Issues
• Transmission, Interconnection and Tariffing
• PPA Considerations: Availability, Energy and Environmental Credits

WORKSHOP: Cash Flow Modelling For Varying Constituencies

• Building a Model: Forecasting Techniques and Limitations
• Cashflow Sensitivity Analysis and Creditor Considerations
• Sponsor Return Calculations
• Tax-Equity Investors and Considerations

CASE STUDY: Financing a Wind Power Plant: Participants break into small groups to evaluate this security package for a wind power plant. They will look at financing choices, structure, project cash flows, and quantify their risk assessments.

DAY 2: Themes: Legal Issues; Sources of Finance; Rating Agencies and Wraps; Hedging Schemes; Bio-Mass and Bio-Fuel Projects

CASE DISCUSSION

FURTHER LEGAL ISSUES AND CONTRACTUAL CONSIDERATIONS

• Key Contractual Agreements and Structuring Considerations
• Power Purchase Agreements (Pricing Structures,Milestones and Penalties)
• Equipment Supply and Time Lines (Credit Support, Late Delivery, Liquidated Damages, Risk of Loss of Tax Benefits)
• Balance of Plant Agreements
• Land Lease
• Shareholder Structures

BANK DEBT AND CAPITAL MARKETS AS FUNDING ALTERNATIVES

•  Bank Debts and Syndications
•  Domestic and International Capital Markets Access:

           - Eurobonds, Private Placements

• Market Convergence
• Rating Agencies, Basel 2, and Credit Wraps

INTEREST RATE, CURRENCY, FUEL AND ELECTRICTY PRICE HEDGING

• Debt Sizing and the Use of Interest Rate and Currency Derivatives
• Commodity Pricing and Hedging Mechanisms
• Gas and Heat-Rate Hedges

          - Using these Derivates in Wind and Other Renewable Energy Projects

BIOMASS AND BIO-FUEL PROJECTS

• Wood/Power Generation
• Bio-Mass and Bio-Fuels: What are the Prospects for These Technologies?
• Emissions, Waste Disposal, and other Regulatory Issues

CASE STUDY: Wood-fired bio-mass project

CASE STUDY: Bio-mass Fueled Ethanol Production: Participants will break into small groups to evaluate this bio-mass fuel project to produce ethanol. Including discussion of proven and unproven technology, emission controls, fuel transportation and handling. Also, availability of contracts for risk allocation, as well as debt and equity structuring requirements.

DAY 3: Themes: Carbon Credits; International Risks; Solar Projects and Other Technologies

CASE STUDY: Carbon Credit Trading and Renewable Projects

• Clean Development Mechanism (CDM)

• Certified Emissions Reductions (CER):Issuance, Monitoring and Compliance

• Joint Implementation Program (JI)

• EU Emission Trading Scheme (ETS)

• US Renewable Energy Credits and Renewable Portfolio Standard

• Project Cycles and Credit Usage

Case Discussion: Small Hydro in Mexico and Forward Purchase of Carbon Credits

DEVELOPING PROJECTS IN INTERNATIONAL MARKEST: Sources of Credit and Risk Support for International Renewable Projects

• Official Political Risk Enhancers (ECAs, Development Banks)and Others
• Accessing Local Capital Markets in Developing Countries

SOLAR POWER AND OTHER TECHNOLOGIES

• Solar Photovoltaic Systems and Solar Thermal

          - Issues of Scale, Cost and Application

          - Constraint on Supplies of Polysilicon

          - Governments Incentive Programs

          - Financing Challenges and PPA Solutions

          - Roof and Ground Leasing Issues; Other Site Requirements

          - Technology Warranties

• Geothermal Plants
• Other Technologies (Wave Power)
• Case Discussion: Land-fill Gas (LFG) to Energy

CASE STUDY: Financing a Solar ParkParticipants will evaluate the security package for a Photovoltaic (PV) Solar Park.

• Meg Osius

  Margaret Osius specializes in capital markets, and risk management, as well as international project finance. She works with corporations, financial institutions, public agencies, law firms, and private equity investors. Training and advisory work has covered approaches to financing infrastructure build-out and facilities acquisition, selecting among debt, equity, and hedging alternatives, and related topics. She has considerable professional experience with the oil and gas, power, transport, and telecom sectors.

  Ms. Osius began her career at JP Morgan Chase Manhattan Bank, where, as a Vice President, she structured highly leveraged transactions and project financings and advised clients on foreign exchange and other price risk management strategies. Ms. Osius was responsible for a team of analysts responsible for evaluating the quality of the bank's global loan portfolio as well as that of its newly acquired affiliates. In that role she had extensive experience with workout and distressed debt.

  Ms. Osius has published articles in the business press and co-authored several self-study guides covering international project finance, trade and export finance, foreign exchange, and financial futures. The World Bank has published her articles on approaches to financial analysis in emerging markets. She is a primary speaker in a series of video sessions created to cover the topic of Sound Banking Principles during executive training sessions in Moscow.

  Until 2008 Ms. Osius was Chair of the Technical Advisory Panel (TAP) of the Public Private Infrastructure Advancement (PPIAF that provides technical assistance to emerging market governments. She is a member of the council on Foreign Relations and received an M.B.A. from INSEAD, the European Institute of Business Administration. Her B.A. degree is from Princeton University.

  Courses run by this instructor

  • Public Private Partnerships (PPPs) Infrastructure Project Finance- New York City
  • International Project finance & Cash flow Modeling - New York City
  • Foreign Exchange - Port of Spain
  • Financing Energy Projects: Oil, Gas and Power - New York City
  • Public Private Partnerships (PPPs) Infrastructure Project Finance - Miami

Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.

Project Finance Modeling Masterclass - Rio de Janiero

30 Apr 2012 - 2 May 2012 (Rio de Janeiro, Brazil)
1-3 Oct 2012 (New York, United States)

Project Modeling Masterclass is an intensive hands-on course in which participants receive comprehensive instruction on accounting, programming, engineering, statistical and economic aspects of project finance models. We believe that in a few days, participants can become proficient in project finance modeling and produce models that are consistent with top flight banks and investment banks

International Project finance & Cash flow Modeling - New York City

11-15 Jun 2012 (New York, United States)
12-16 Nov 2012 (New York, United States)

This program is designed to help participants break the project analysis process into its component parts. While differentiating between countries and industrial sectors, sessions introduce techniques for assembling market information and making qualitative judgments, as well tools for conducting thorough quantitative financial analysis.

Public Private Partnerships (PPPs) Infrastructure Project Finance - Miami

16-18 Apr 2012 (Miami, United States)

An essential element of PPP is the desire to link public sector accountability with private sector discipline, expertise, efficiency at delivering such services, and financial resources. This is equally true in both developed and developing countries. Participants in this hands-on program will become thoroughly familiar with the array of PPP models from Supply and Service Contracts, Management Agreements, Leasing, DBO, BOT, BOO, Privatization and a continuum of other approaches.

 

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