Course dates
Topics covered include:
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What is “project finance”?
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Financial structures for power projects
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Sources of equity: what do investors seek?
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Sources of debt: what do lenders require?
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The criteria used by investors and lenders
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Risk evaluation and mitigation
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The role of Government and infrastructure funds
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Conventional versus nuclear power issues
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Is PPP relevant to the nuclear sector?
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How might nuclear power be funded in the future?
- What are the issues and options?
Course overview
Euromoney Energy Training offers a bespoke Training Course in Project Finance in the nuclear sector. The Course spans 2 days, and Case Studies are chosen to suit sectors and geographical regions of interest to attendees.
Our specialist trainer, Martin Blaiklock, has 25 years experience as a Project Financier over a wide range of sectors and countries, including conventional, nuclear and renewable power.
Who should attend
This course will appeal to:
Day 1
Overview of the Power Sector & Nuclear Power
Overview of Project & Power Sector Finance
- Characteristics of projects: public v. private
- Key players in a project financing
- Terminology & definitions (BOOT, PPP, IFI, IPP, PPA, etc.)
- Origins & recent history of project finance in the power sector
Funding Structures
- Conventional loan security v. project finance structures: advantages/disadvantages
- On/Off balance sheet: rationale, issues & criteria
- Proportions of debt & equity
Risk Identification & Analysis
- What is risk? Why are lenders risk averse?
- Identification of risk types: tech., completion, financial, nuclear, etc.
- Environmental risks: EQUATOR Principles
- Evaluation of risk impact
- What is a risk matrix
- Risk mitigation
- Role of capital markets
- Role of insurance: commercial, financial, political.
- Debt/Equity ratios: risk & project type.
Sources of Debt & Equity
- Equity funds
- Sources: incl. private equity & sovereign funds.
- Key issues for Investors
- Debt:
- Development bank funding
- Export credits
- Commercial Loans & syndication
- Make-up of Term Sheet
- Bond issues
- Key issues for Lenders
- Quasi-equity & subordinated debt: role, types
Project Appraisal & Process
- Cash-flow/spreadsheet make-up
- Issues to note in cash-flow models
- DCF & IRR
- Criteria & Ratios used by lenders & investors
- Documents required: Information Memoranda, etc.
- Role of Financial/Technical/Legal advisers
- Advantages/disadvantages of project finance
Project Documents: Key Clauses & Features
- Documents:
- Construction contracts
- Supply contracts
- Offtake/sales contracts
- O & M contracts
- Loan Agreements
- Shareholder agreements
- Project insurance
- Clauses:
- Payment Clause structures
- Force majeure
- Termination
- Step-in rights
- Arbitration
- Commercial regime
- Guarantees: types
Day 2
Power Sector Overview
Real-life case histories from developed and emerging markets worldwide will be taken and discussed for projects in all the sectors mentioned below. Particular attention will be made to funding structures, sources of funds, inherent project risks, and project outcomes and performance. Participants will be challenged to provide inputs to these discussions on both an individual and group basis in an inter-active manner.
- Thermal power (oil, gas, coal)
- Hydropower (large & mini)
- Power transmission & distribution
- Renewable energy (wind, tidal, biofuels, etc.)
- Nuclear Power to date
Issues Specific to Nuclear Power
- How have they been funded in the past?
- Cash-flow issues
- Possible funding sources (debt & equity)?
Nuclear Power Markets: discussion and development
- What are the demand and options for ‘new build’ projects:
- (a) in the UK & Europe
- (b) in other countries?
- How much money is needed?
- Can the private sector (investors & lenders) provide all the funds?
- What is the role of government?
- What is the role of the development banks (EIB; Euratom; etc.)?
- What are the optimal funding structures?
- Competition & how can “value for money” be achieved?
- Regulation & licensing
- Political v. commercial issues.
The Nuclear Fuel Cycle & Decommissioning Costs
- How have projects in these sectors been funded in the past?
- What are the options for the future?
- What role should governments play?
- Can the private sector participate? If so, how?
- How can decommissioning costs be absorbed?
Central London Hotel (energy), London, UK
All Euromoney Energy Training courses are held at four or five star venues in Central London, Zone 1. We strive to provide you with a training environment of the highest quality, to ensure that the whole learning experience exceeds your expectations.
Your training venue will be confirmed by one of our course administrators approximately 3-4 weeks before the course start date.
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Martin Blaiklock
Martin Blaiklock has over 25 years experience of structuring, developing, evaluating and implementing the funding of public and private sector projects (i.e. PFI’s, PPP’s, BOOT’s; PSP’s, IPP’s, etc.) in infrastructure, energy, and the process industries. Uniquely, he has worked for extended periods in: * An investment bank (Kleinwort Benson, now Allianz/Dresdner); * A commercial bank (HSBC); and * A development bank (EBRD, as Director of Power & Energy Utilities) For the last 15 years he has operated as an independent consultant, both in the UK and internationally.
As a banker, he has worked on nuclear power projects in the UK, Canada and Central Europe. He has been involved in many major UK PFI & PPP projects, and was Expert Witness for the Parliamentary Enquiry into the London Underground PPP. He has contributed to many UK Parliamentary and National Audit Office Enquiries. Martin is well versed in government and IFI procedures and project appraisals (e.g. Public Sector Comparators, etc.). Martin has undertaken project assignments throughout the World, particularly in emerging markets in Russia and Eastern/Central Europe, Latin America, Africa and the Middle East. He regularly speaks at seminars on project finance/PPP’s, e.g. for the World Bank, EBRD, banks, companies and academic institutions.
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.
10-13 Jul 2012 (London, UK)
This intensive four-day course will shows delegates how to build a power model from a skeleton model incorporating a range of Excel and applied financial techniques.
Each session focuses on a particular aspect of modelling and applies it to the case model.
18-22 Jun 2012 (London, UK)
17-21 Dec 2012 (London, UK)
This course will provide you with a general background on economic and financial issues in the context of renewable energy investments. As cost of capital is one of the most important elements in renewable project costs, the course will demonstrate how various transaction structures affect debt and equity costs. After completing the course, participants should understand project finance terminology; the economic and financial theory that underlies different transaction structures; the motives of different parties in a transaction; and, the importance of various financial and contract provisions.
11-14 Sep 2012 (Singapore, Singapore)
This intensive four-day Financial Modelling in Excel for the Power Sector course will shows delegates how to build a power model from a skeleton model incorporating a range of Excel and applied financial techniques. Each session focuses on a particular aspect of modelling and applies it to the case model.
24-26 Sep 2012 (Hong Kong, Hong Kong)
This Fundamentals of Developing an Independent Power Project course will provide you with a greater understanding of: 1. The necessary conditions (legal, regulatory, market/commercial, technical, financial) for the successful development of IPPs including renewable energy projects; 2. The risk management tools and
techniques available to maximise value and to understand, calculate and manage risk in IPPs including
renewable energy projects; 3. The requirements of lenders necessary to be met to secure project financing for IPPs including renewable energy projects.
22-25 May 2012 (New York, United States)
This intensive four-day will shows delegates how to build a power model from a skeleton model incorporating a range of Excel and applied financial techniques. Each session focuses on a particular aspect of modelling and applies it to the case model.
29-31 May 2012 (Paris, France)
19-21 Nov 2012 (Paris, France)
This intensive three day hands-on course will provide a
comprehensive analysis of issues associated with independent electric power projects ranging from economic analysis of PPA contracts to financial modelling of projects. In working through analysis of projects, a mixture of case studies, lectures and analytical exercise will be used to evaluate electricity price forecasts, debt structuring, technology choice, cost of capital, and architecture of financial models.
12-15 Nov 2012 (Singapore, Singapore)
The Energy Risk Management: Mastering Volatile and Complex Markets course is a comprehensive and systematic introduction to risk management for complex energy markets. The course will detail why and how risks in energy – particularly gas and electricity - are more acute than in other traded market sectors, and how classic risk management techniques must be adapted and extended to meet these demanding conditions.
16-19 Jul 2012 (London, UK)
People coming to energy risk management for the first time are taken aback by the extreme market conditions that are commonplace in the complex markets of oil, coal, and above all, gas and electricity. Levels of volatility and basis risk are unprecedented: and there are additional risks that are unique to energy. This course shows delegates how to deploy traditional risk management tools in the challenging context of volatile energy markets, and to extend these techniques to master the unique risk characteristics of gas and electricity.
20-21 Aug 2012 (Singapore, Singapore)
This Traded Electricity Markets course is a comprehensive and systematic introduction to traded electricity markets. The course will detail why and how electricity – the most challenging of all commodities – presents complexities more acute than in other traded market sectors, and how to understand, model and manage these demanding conditions. Case studies will illustrate how companies have resolved these issues, including Centrica, one of very few companies to have made a successful entry into this most difficult of markets.
25-26 Jun 2012 (London, UK)
10-11 Dec 2012 (London, UK)
This Traded Electricity Markets course is a comprehensive and systematic introduction to traded electricity markets. The course will detail why and how electricity – the most challenging of all commodities – presents complexities more acute than in other traded market sectors, and how to understand, model and manage these demanding conditions.
21-24 Aug 2012 (Lagos, Nigeria)
Many business models fail due to poor planning,
haphazard development, inherent errors and lack
the ability to provide clear financial analysis. This course shows delegates how to build a power model from a skeleton model incorporating a range of Excel and applied financial techniques.
22-25 Oct 2012 (Paris, France)
Electricity Economics and Financial Analysis is a four day intensive, technical hands-on course in which attendees receive comprehensive instruction on the theory and practice of making price forecasts and assessing risk in the electricity generating industry.
16-18 Jul 2012 (Singapore, Singapore)
This intensive three day hands-on course will provide a
comprehensive analysis of issues associated with independent electric power projects ranging from economic analysis of PPA contracts to financial modelling of projects. In working through analysis of projects, a mixture of case studies, lectures and analytical exercise will be used to evaluate electricity price forecasts, debt structuring, technology choice, cost of capital, and architecture of financial models.
27-31 Aug 2012 (New York, United States)
This course will provide you with a general background on economic and financial issues in the context of renewable energy investments. As cost of capital is one of the most important elements in renewable project costs, the course will demonstrate how various transaction structures affect debt and equity costs. After completing the course, participants should understand project finance terminology; the economic and financial theory that underlies different transaction structures; the motives of different parties in a transaction; and, the importance of various financial and contract provisions.
12-16 Nov 2012 (Singapore, Singapore)
This course will provide you with a general background on economic and financial issues in the context of renewable energy investments. As cost of capital is one of the most important elements in renewable project costs, the course will demonstrate how various transaction structures affect debt and equity costs. After completing the course, participants should understand project finance terminology; the economic and financial theory that underlies different transaction structures; the motives of different parties in a transaction; and, the importance of various financial and contract provisions.
23-25 Jul 2012 (Paris, France)
30 Jul 2012 - 3 Aug 2012 (Accra, Ghana)
This Financing Independent Power Projects (IPPs) and Power Stations course on IPP project finance best practice is a useful tool for lenders and borrowers alike. The course director will walk candidates through the best practices of IPP project finance and at the end of the course candidates will be better prepared to successfully navigate through the current credit climate.
Course dates