Summary of course content
Euromoney Training presents, 'Energy Project Finance' course, the 18 'Pillars' of a successful programme / project are discussed in detail.
- Analyse risk characteristics and implement risk-allocation structures
- Evaluate the key financial sensitivities of a project and identify the main quantitative and qualitative measures
- Develop due-diligence tricks and avoid traps
- Discuss important issues such as documentation and major financing agreements in project contracts
- Through hands-on case study teamwork, determine suitable structures and metrics
- Understand the valuable counter-cyclical aspect of project finance in the light of the current financial crisis
This is Module Two of the 2nd Annual Asia Project Finance Academy
Asia Project Finance Academy
M1: Advanced Project Finance
M3: Infrastructure Project Finance
M4: Mining Project Finance
M5: Project Finance for PPPs
M6: Building Project Finance Models
The hugely successful Academy is a comprehensive 10-day training course that examines advanced techniques relevant to the current stressed global financial markets and enhances your ‘sector’ skills in three key areas (Energy, Infrastructure and Mining).
Although we recommed attending the full 10-day for maximum benefit, the modules are separately bookable so you can pick and choose the days that are most relevant to you. The Academy has been designed with Asia-Pacific in mind but the concepts are applicable to any region and the case studies used are global.
Course Summary
The Academy begins with a 3-day Advanced Project Finance Workshop focusing on the core skills of risk analysis and structuring, with a special emphasis on political risk. Team case presentations neatly wrap together these skills along with the analysis and sensitivities of the team case-study Excel models.
The next three modules teach up-to-date sectors skills in Energy Project Finance (2 days), Infrastructure Project Finance (1 day), and Mining Project Finance (1 day). Industry fundamentals are covered together with the key metrics and due diligence alongside case studies and international best practices.
This is followed by a 2-day workshop on the application of Project Finance for Public-Private Programmes (PPPs) with a special session on which PPP programmes work and which do not.
The final module, Building Project Finance Models (1 day), looks at the key financial ratios, the credit analysis, and the forecast basis for any cashflow projection. This overview allows you to ‘Build-your-own-model-from-scratch’ with the final model used in a course bidding contest!
All modules are highly interactive with many cases and recent examples referenced throughout to fully explore the world of Project Finance. Attending the 10-day Academy means you will leave the course with a thorough understanding of Project Finance techniques and sector skills that can be applied immediately to your job.
Note: Delegates to bring laptops. The bidding competition is two-people-to-one-laptop using the course model PF Final.
Who should attend?
- Bankers / Investment Bankers
- Project Financiers
- Financial Advisors
- Financial Analysts
- Accountants / Taxation Advisers
- Insurance Advisers / Brokers
- Project Lawyers
- Sponsors / Project Joint Venturers
- Business Developers
- Government / PPP Agencies
- Export-Credit Agencies
- Multilateral Agencies
- Relationship Officers
- Brokers
- M&A / Buyout Specialists
- Company Treasurers / Directors
- Credit Committee Staff
- Rating Agencies
- Project Managers / Engineers / Consultants
- Investment / Portfolio Managers
Supporting publication
Day 1
Energy industry cashflows
- The ‘target’ ratios
- Use of PV ratios
Liquidated damages (LDs)
- Calculations for each type
- Structuring
Energy industry ratings
- Special considerations
- Scoring
Case studies
- Keadby Power
Review the actual LDs profile
- Petropower
How to structure 100% LDs
- Hero Asia
144A ratings and syndication
Power generation
Power Purchase Agreement (PPA) dynamics
- Capacity charge
- Energy charge
- Maintenance reserve
Merchant power
- The 11 structures
- The 4 studies required
Power case studies
- Lomond Power
Tariff structuring
- Milford
Deemed despatch / merchant
LNG
- Risks and structuring
– Liquefaction
– Shipping
– Terminal
– Regasification
LNG case studies
- Train F
Trustee borrowing structure
- LNG Qatar
Finessing 2 trains
- Sabine Pass
Use of the 144A markets
Renewable energy
- Hydro
– Dam
– Run-of-the-river
- Wind
– Offshore
- Solar
- Biomass
- Wave
- Waste-to-energy
Case studies
- NT2
Mega hydel
- Manitos
Run-of-the-river
- Sinan Solar
World’s largest PV PF
- Beta Wind
Portfolio-style
- Keppel Tuas
Deal-of-the year
Oil and gas
- Risks and structuring
- Upstream
– Economic rent
- Mid-stream
- Pipelines
- LNG ships
Case study
- MoSAGas
Dual-country cross-border special issues
Mining – fuel supply cashflows
- Risks and structuring
- Coal
- Uranium
- Geothermal
Case studies
- Ranger
World-first rehabilitation guarantee
- Colowyo
Mine-mouth coal
Day 2
Political-risk structuring
- The 11 key structures
- Main multilateral players
- ECAs
- Private PRI
Case studies
- Tata Mundra
Full MLA / ECA / local bank structuring
- PNG LNG
Largest structuring done to date
- Mariveles
Sinosure’s first solo PF deal
Petroleum ‘special’ funding styles
- Production payment
- Commodity funding
- FPSOs
- Throughput agreements
- Borrowing base
- Oil rigs
- Cross-border
- Swaps / derivatives
- Royalty trusts
Case studies
- Cairn Energy
Clever borrowing base metrics
- Jubilee
Mega development / FPSO funding
- Coogee FPSO
Small FPSO architecture
- Bass Strait
Royalty trust
Energy industry – PF due diligence
- Role of the lender’s ‘independent’ engineer
Case studies
- Iagifu
Importance of faults in reservoir assessment
- Paiton
Infrastructure scope of work
Downstream cashflows
Case study
- Guru Gobind Singh
Classic refinery style
New horizons
- Specialist funds
- Islamic project finance
Case studies
- Jinchuan II
Mezzanine fit
- Jimah Energy
Islamic deal-of-the-year
- Alba
Commodity funding
- Equate
Islamic leasing (Ijara)
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Richard Tinsley
Richard Tinsley is a banker/engineer/economist with over 30 years experience, mostly as a strategic / financial advisor or as the lead banker on numerous transactions -- totalling US$14.8 billion at last count in 35 countries -- but also as CEO and CFO of a project development and operating company. (He issued one of the first true Project-Finance bonds.) He has worked in five countries: Ireland, Canada, USA, UK, and now Australia. Richard is President of International Advisory & Finance. IAF is a network of firms in the infrastructure, energy, and resources finance sectors in New York, Boston, California, Mumbai, Johannesburg, Melbourne, and London.
In the finance field, Richard has been Project-Finance director at Continental Bank (Chicago); European Banking Company (London); Prudential-Bache Capital Funding (Wall St.), and Indosuez Australia (Sydney, Australia -- now Calyon).
As a professional independent director, he serves as an adviser to infrastructure, energy, resources, telecoms, and water utilities companies worldwide. Richard Tinsley has many world-first Project-Finance applications and particularly relishes the cross-fertilisation of structures from one industry sector to another.
Richard teaches the full range of Project-Finance courses around the world. He is the author of the self-study guide and CD-ROM on Project Finance as well as two books: Advanced Project Financing: Structuring Risk, 1st Edition, and Project Finance in Asia Pacific: Practical Case Studies for Euromoney Books.
Richard is a Visiting Fellow at the Applied Finance Centre for Macquarie University throughout Asia and gives the Project Finance core and Infrastructure Finance elective for the University of Stellenbosch’s Master in Development Finance in Cape Town, South Africa.
Courses run by this instructor
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.
21-23 May 2012 (Hong Kong, Hong Kong)
'Project Finance Modelling' is designed to support middle and senior managers dealing with financial models from disparate sources, to enable them to be compared and analysed on a consistent and focussed basis.
2-6 Jul 2012 (Singapore, Singapore)
10-14 Dec 2012 (Hong Kong, Hong Kong)
A practical guide shows you how to structure upstream and downstream oil and gas projects including field development, rigs, platforms, pipelines, and other transportation infrastructure
18-20 Sep 2012 (Singapore, Singapore)
This course shows you the most effective approaches to financing renewable projects in many parts of the world, focusing on how these transactions differ from more conventional deals
15 Oct 2012 (Sydney, NSW, Australia)
Euromoney Training presents, 'Infrastructure Project Finance', intended for those who have an interest in the project finance aspects of the different infrastruture sectors and the risks involved. This is Module 3 of the 2nd Annual Asia Project Finance Academy. Modules are bookable separately or you can attend the whole Academy saving US$6,850
16 Oct 2012 (Sydney, NSW, Australia)
Euromoney Training presents, 'Mining Project Finance', intended for those who have an interest in the area of project financing in the Mining industry and identifying the opportunities and potential pitfalls with this commodity-based project finance area. This is Module Four of the 2nd Annual Asia Project Finance Academy. Modules are bookable separately or you can attend the whole Academy saving US$6,850
19 Oct 2012 (Sydney, NSW, Australia)
Euromoney Training presents, 'Building Project Finance Models'. This is Module Six of the 2nd Annual Asia Project Finance Academy. Modules are bookable separately or you can attend the whole Academy saving US$6,850
8-19 Oct 2012 (Sydney, NSW, Australia)
The Euromoney Training Asia-Pacific Project Finance Academy is a comprehensive 10-day academy that examines advanced techniques relevant to the current stressed global financial markets and enhances your ‘sector’ skills in three key areas.
17-18 Oct 2012 (Sydney, NSW, Australia)
A 2-day workshop on the application of Project Finance to Public- Private Programmes (PPPs) with a special session on which PPP programmes work and which do not. This is Module Five of the 2nd Annual Asia Project Finance Academy. Modules are bookable separately or you can attend the whole Academy saving US$6,850
8-10 Oct 2012 (Sydney, Australia)
Intended for those who have an interest in the risk management and structuring aspects of Project Finance projects, it focuses on the core skills of risk analysis and structuring, with a special emphasis on political risk.
11-12 Oct 2012 (Sydney, Australia)
This course examines advanced techniques relevant to the current stressed global financial markets and provides you with up-to-date sectors skills at financing energy projects.
Comments
This course has now expired please email us to find out when the course will next be running.