Project Finance in Theory and Practice by Gatti, Stefano (Auth.)

By Gatti, Stefano (Auth.)

  • ''Professor Gatti deals the reader an unique standpoint combining rigorous thought with consistent connection with industry most sensible practices.'' -- Roberto Albisetti,IFC global financial institution staff andUniversity of Genoa

    ''Gatti's publication offers finished and coherent assurance of venture finance, together with transaction buildings, the institutional surroundings, and monetary research. Its presentation of functional examples and circumstances makes it an excellent educating tool.'' -- Raymond Hill, Emory University

    ''A sturdy learn in addition to an exceptional reference ebook, Project Finance in idea and Practice is particularly invaluable because it is effectively pitched to be worthwhile to readers of all degrees of schooling and adventure and explains the jobs and pursuits of different events very essentially. The booklet can be utilized either for education and as a advisor to top practices.'' -- Alexander S. Moczarski, President and leader govt Officer - man wood worker - Marsh & McLennan Group

    Project finance is a normal process for non recourse financing that is tremendous appropriate this day, with progressively more infrastructure and different huge initiatives being constructed. Professor Gatti and the opposite individuals use functional suggestions and extremely suitable case reports to obviously clarify undertaking Financing to its readers. it's a needs to learn and a reference ebook for execs and practitioners. -- Jean Pierre Mustier, UniCredit Deputy common supervisor and Head of CIB Division

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Extra resources for Project Finance in Theory and Practice

Example text

This chapter is dedicated to risk analysis and risk allocation through strategy 2. Risk coverage through insurance is dealt with in Chapter 4. 1 is dedicated to the process of risk analysis and proposes a classification of project risks based on the project life cycle. 2 covers the risk allocation phase and explains how risks can be allocated to the SPV counterparties by means of key contracts. Special attention is dedicated to market risk (the risk arising from a drop in sales) given the paramount importance of this risk in determining the future cash flow generation of a project.

Vedanta Aluminium Ltd North Stream Phase 2 Aircel Ltd Hongsa Power Co Ltd Sasan Power Ltd Perenco Petroleum Ltd KSK Mahanadi Power Co. 0 UK Papua N. 0 Telecom Source: Thomson One Banker. 1. The first subperiod starts at the beginning of the 1990s and shows a constant increase until the peak of US$107 billion at the end of 1997. 2. The second subperiod goes from 1998 to 2003 and is characterized by a sharp decline of the amount of commitments caused by the Thailand and Indonesian crisis at the end of the 1990s and then by the Argentinian crisis in the early 2000s.

Lenders would never accept financing an SPV subject to risks that are completely internalized. Strategy 2 is the cornerstone of the project finance design, a strategy that is implemented through extensive work performed by the legal advisors of sponsors and lenders. The principle is intuitive. Since the key contracts revolving around the SPV (construction, supply, purchase, O&M) allocate rights and obligations to the SPV and its respective counterparties, such agreements can be used as an effective risk management tool.

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