Course dates
Summary of course content
This is 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 course will cover the areas of:
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Fit of project finance to the PPP spectrum of 8
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PPP sectors and project types
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PPP processes and stages/timing
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The 18 pillars of successful PPP programmes
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PPP tender / bidding
This is Module Five of the 3rd APAC Annual Asia Project Finance Academy
Asia Project Finance Academy
M1: Advanced Project Finance
M2: Energy Project Finance
M3: Infrastructure Project Finance
M4: Mining Project Finance
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 Publications
Day 1
Fit of project finance to the PPP spectrum of 8
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Privatisation
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BOO (and variants)
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BOT (and variants)
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Leasing / affermage
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Management contracts
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Service contracts
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Supply contracts
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Cooperatives
PPP sectors and project types
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Power and power infrastructure
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Communications / telecoms
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Transport infrastructure
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Social infrastructure
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Public / military infrastructure
PPP processes and stages / timing
The 18 pillars of successful PPP programmes
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Role of the government PPP unit
– Does the one-stop-shop really work? What policies and procedures need to be in place to make the PPP Unit work? What is the interface of the PPP Unit with Local Authorities?
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PICKO-PIMAC/KDI, South Korea
– Korea has set in place probably the most aggressive government cospend among all the PPP programs. See which sectors and what programs are in mind.
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Philippines BOT Law
– See why this simple Act spawned sufficient private-sector investment to take the country from a chronic power-supply deficit to a power supply surplus in less than 10 years.The BOT conditions allow the government to repurchase the assets if not needed of if other plans/ expansions emerge.
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Partnerships Victoria
– Although originally closely aligned to the UK PFI model, Partnerships Victoria is the Australian leader, by far. What new policies and strategies/pragmatism have been developed especially in the social services arena?
Day 2
PPP tender / bidding
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The ‘track’ on PPP projects to date
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Outline business case
– Risk control
– Value management
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Output specifications
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Standard concession terms and conditions
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Consortium bidding dynamics
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Invitation to qualify
– The ABN Amro model
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Invitation to tender
– One / two envelopes?
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Bid Evaluation Procedures
– Risk tradeoffs / matrix
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Preferred bidder(s)
– Reserve bidder(s)
– Project finance offer
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Concession finalisation
– Project finance close
Risk matrices
World’s best practices
Case studies
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Indian Highways
Learn why this is the simplest output specification yet anywhere in the world! How does the annuity payment work? Tolled vs. untolled? (Why is the UK PFI not the best practice?)
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Highway 407, Canada
How did value engineering contribute so much to this 2-step programme? What tactics were adopted by the Canadian Provincial authority to maximise their return / value?
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Penang Bridge (OMT), Malaysia
In this, the fifth-longest bridge in the world, the government specifically retains the right to renationalise the bridge as part of its planning for a second crossing later in the concession life. The concession price included the existing debt level which acts as a compensation cap for this renationalisation. The toll also has a split above a threshold level with the concessionaire. This bridge was funded by Islamic bonds.
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Mangaung Prison, South Africa
The project received its approval based on the comparisons with other (over-crowded) prisons. The prison is so successful, that prisoners re-offend so that they don’t get transferred there!
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Mildura Base Hospital, Australia
Some 230 quality criteria were imposed on this elaborate PPP concession, which included the provision of clinical services. Why was the preferred consortium ‘fired’ during the last-minute negotiations.
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S.E. Queensland Schools
The supported debt model hasn’t been used that much worldwide. Why did Queensland try it on this PPP project package? What was the resultant funding structure from the sponsors?
New horizons for ppp projects and funding sources
Sydney Hotel, Sydney, NSW, Australia
This programme takes place on a non-residential basis at a central Sydney hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.
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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.
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.
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.
Course dates