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5 Allocation of Risks in Project Documentation »

John Dewar, Chris Taufatofua
From: International Project Finance: Law and Practice (2nd Edition)
Edited By: John Dewar
Achieving the optimal risk allocation in the project document structure is critical to the successful delivery of any project. This chapter outlines the key considerations that help determine how the project risks are typically approached in the context of the key project documents, including concession agreements, construction contracts, offtake agreements, feedstock supply agreements, and operation and maintenance agreements. Particular focus is given to the need to achieve a project document structure and risk allocation that is ‘bankable’, while emphasizing the importance of a risk allocation that strikes a balance between (i) identifying the most appropriate counterparty to manage a particular risk as well as (ii) ensuring such counterparty is appropriately incentivized to manage such risk.

5 Allocation of Risks in Project Documentation »

John Dewar, Chris Taufatofua
From: International Project Finance (3rd Edition)
Edited By: John Dewar
This chapter discusses the allocation of risks within the project’s contractual architecture. Stakeholders and potential stakeholders in a project will typically approach risk allocation from one of two perspectives. The first perspective will be as a potential contract counterparty negotiating its involvement in the project document structure—i.e. such a counterparty will be directly involved in the risk allocation process itself. The second perspective will be as a potential lender (or sometimes equity investor) performing due diligence to assess the risk allocation under an existing or proposed project document structure so as to determine whether the project is bankable (or, in the case of a potential equity investor, whether the risk allocation justifies the making of an investment in the project).

Appendix 1 Checklist of Conditions Precedent, Representations, Covenants, and Events of Default for Inclusion in Finance Documents »

Edited By: John Dewar
From: International Project Finance: Law and Practice (2nd Edition)
Edited By: John Dewar

Appendix 8 Checklist of Key Provisions in Feedstock Supply Contracts »

Edited By: John Dewar
From: International Project Finance: Law and Practice (2nd Edition)
Edited By: John Dewar

Appendix 9 Checklist of Key Provisions in Offtake/Power Purchase Agreements »

Edited By: John Dewar
From: International Project Finance: Law and Practice (2nd Edition)
Edited By: John Dewar

Appendix 10 Checklist of Key Provisions in Operation and Maintenance Agreements »

Edited By: John Dewar
From: International Project Finance: Law and Practice (2nd Edition)
Edited By: John Dewar

Appendix 7 Checklist of Key Provisions in Turnkey Construction/EPC Contracts »

Edited By: John Dewar
From: International Project Finance: Law and Practice (2nd Edition)
Edited By: John Dewar

Appendix 4 Environmental Due Diligence Checklist »

Edited By: John Dewar
From: International Project Finance: Law and Practice (2nd Edition)
Edited By: John Dewar

Glossary »

John Dewar
From: International Project Finance (3rd Edition)
Edited By: John Dewar

Glossary »

Edited By: John Dewar
From: International Project Finance: Law and Practice (2nd Edition)
Edited By: John Dewar

Index »

Edited By: John Dewar
From: International Project Finance (3rd Edition)
Edited By: John Dewar

Index »

Edited By: John Dewar
From: International Project Finance: Law and Practice (2nd Edition)
Edited By: John Dewar

International Project Finance: Law and Practice »

Edited By: John Dewar

International Project Finance »

Edited By: John Dewar

6 International Projects—Sector Focus »

John Dewar
From: International Project Finance: Law and Practice (2nd Edition)
Edited By: John Dewar
This chapter describes a number of international projects in various areas: oil and gas; mining projects; conventional power; renewable energy; nuclear power projects; and the infrastructure of public and private partnerships. Oil and gas projects span a broad range of activities from upstream ‘exploration and production’ projects to downstream LNG and petrochemicals projects. The second part of the chapter begins with a brief overview of the current American, UK, French, Japanese, Korean, and Saudi Arabian power markets focusing on current electricity generation mix policies in these markets and the current and future place of conventional power therein. The text then looks at renewable energy projects. These share many of the characteristics of conventional power projects. However, there are certain crucial differences which will impact upon the contractual structure and risk allocation employed in the development of these projects. Nuclear power projects are perhaps the most challenging power/infrastructure projects to develop and finance. The chapter finally provides a discussion of the applicability of project finance principles and disciplines to a unique and challenging segment of the power/infrastructure sector.

Introduction »

John Dewar
From: International Project Finance: Law and Practice (2nd Edition)
Edited By: John Dewar
Whilst many attempts have been made to define project finance, the term has been used in many contexts over the years and its meaning has evolved as the techniques which it embodies have been adapted to macro-economic change. Like describing the ‘elephant in the room’, it is difficult to define, and perhaps not worth the exercise because inevitably you recognize it when you see it. Accepted definitions focus on the financing of a specific asset in which lenders look principally to the revenues generated by the operation of that asset for the source of funds from...

11 Islamic Project Finance »

John Dewar, Munib Hussain
From: International Project Finance: Law and Practice (2nd Edition)
Edited By: John Dewar
This chapter analyses the priorities of Islamic financial institutions in financings, and how Islamic finance techniques are applied in project financings. For those unfamiliar with Islamic finance, this chapter first introduces Islamic finance by considering the sources of Islamic finance, followed by an analysis of the principles and financing techniques that underpin Islamic finance. This background is intended to enable the reader to better understand the ensuing discussion of the issues that commonly arise in a project financing that is entirely or in-part financed with sharia’a-compliant funding, including istisna’a-ijarahand wakala-ijarah facilities, and project sukuk.Then, the focus is turned to assess how Islamic project finance techniques are utilized in practice, in particular, in the context of multi-sourced project financings.

11 Islamic Project Finance »

John Dewar, Munib Hussain
From: International Project Finance (3rd Edition)
Edited By: John Dewar
Islamic finance is concerned with the conduct of commercial and financial activities in accordance with Islamic law. Structuring the investment of such capital, therefore, requires a comprehensive understanding of Islamic finance principles, knowledge of international and domestic laws, and documenting such arrangements in a manner that satisfies the priorities of all the project participants, including those not necessarily constrained by Islamic finance principles. This chapter analyses how these priorities are accommodated and how Islamic finance techniques are applied in project financings. It begins with a discussion of the sources of Islamic finance. This is followed by a brief analysis of the principles and financing techniques that underpin Islamic finance. Then, it assesses how Islamic project finance techniques are utilized in practice, including how such arrangements are documented.

Appendix 6 Key Provisions in a Concession Agreement »

Edited By: John Dewar
From: International Project Finance: Law and Practice (2nd Edition)
Edited By: John Dewar

List of Abbreviations, Financial Terms, and Acronyms »

John Dewar
From: International Project Finance (3rd Edition)
Edited By: John Dewar