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14 International Projects—Sector Focus »

Aled Davies, James Orme
From: International Project Finance (3rd Edition)
Edited By: John Dewar
This chapter discusses the key features of project financing in the following sectors: oil and gas mining, conventional power, renewable energy, and nuclear power. The chapter is organized as follows. Section A on oil and gas covers project structuring, sales contracts, key risks in an oil and gas project, and financial considerations. Section B on mining covers environmental and social impact, completion risk, reserve estimates and market risks, resource nationalism and political risk, terms of a mining financing; and steaming agreements, royalty agreements, and other alternative finance options. Section C on conventional power covers the IPP model, an overview of power markets, IPP risk allocation and contractual structure, key risks in an independent power project, and financing considerations. Sections D and E cover renewable energy and nuclear power projects, respectively. Section F focuses on the development and financing of public infrastructure and public private partnership (PPP) projects.

2 Project Participants and Structures »

Aled Davies, Andrew Pendleton
From: International Project Finance: Law and Practice (2nd Edition)
Edited By: John Dewar
An understanding of the objectives and goals of the key participants (including host governments, private sponsors, advisers, project companies, construction contractors, operators, suppliers, and offtakers) is absolutely critical to the successful negotiation of a project financing. The challenge of structuring a transaction lies in reconciling the different objectives of those interested parties to ensure that each stands to benefit from the project and is therefore committed to its success.The first part of this chapter examines the key participants through the life of a project by addressing the following simple questions: (i) who are they, (ii) what are their roles, and (iii) what are their motivations? The second part gives an overview of the typical ownership structures employed for a project.

2 Project Participants and Structures »

Aled Davies, Andrew Pendleton
From: International Project Finance (3rd Edition)
Edited By: John Dewar
Project financing is characterized by financial and legal advisers assisting their clients to allocate rights and obligations between the project participants, spreading risks and responsibilities to those best suited to bear them, to create a bankable project. In so doing, complex structures evolve. Thus, an understanding of the objectives and goals of the key project participants is absolutely critical to the successful negotiation of a project financing. This chapter provides an accessible and general overview of project financing. The first part examines the key project participants by addressing the following simple questions: (i) who are they, (ii) what are their roles, and (iii) to a lesser extent, what are their key motivations? The second part gives an overview of typical structures employed for a project, in terms of both the ownership structure employed by the sponsors of a project and also the underlying structure of the project as a whole.