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1 Approaching Legal Issues in a Project Finance Transaction »

Phillip Fletcher
From: International Project Finance: Law and Practice (2nd Edition)
Edited By: John Dewar
Although each project has unique characteristics, which may vary depending on such matters as the host jurisdiction and sector,there are legal issues and risks that are common to most projects. The process of assessing those risks and determining whether and how they can be mitigated is central to structuring a successful transaction that will be sufficiently robust to withstand the economic, technical, political, and legal challenges that are likely to arise over the frequently long-term tenor of the project’s debt.This chapter identifies the broad categories of risks that must be considered, and outlines a methodology for doing so. The chapter also introduces a discussion of the unique features of project finance credit and security documents, and of the process required to close complex transactions.

1 Approaching Legal Issues in a Project Finance Transaction »

Phillip Fletcher
From: International Project Finance (3rd Edition)
Edited By: John Dewar
Project finance is at its core a form of secured lending. It entails lenders extending a large amount of credit to a newly formed, thinly capitalized company whose principal assets at the time of closing are not physical but rather merely contracts, licences, and ambitious plans. There is a broad commonality of legal and commercial issues to be considered across virtually all projects, and the reliability of the approaches customarily used by project finance professionals in analysing those issues has been tested and proven through decades of complex transactions. How those methods are applied to individual transactions may vary, but the issues to be assessed remain consistent across industries, jurisdictions, and financial structures. This chapter considers both those methods and their application in specific contexts.