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Santa, Catarina Artur. "Project finance." Florianópolis, SC, 2004. http://repositorio.ufsc.br/xmlui/handle/123456789/87549.
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Dissertação (mestrado) - Universidade Federal de Santa Catarina, Centro Tecnológico. Programa de Pós-Graduação em Engenharia de Produção.Made available in DSpace on 2012-10-21T21:52:16Z (GMT). No. of bitstreams: 0Bitstream added on 2013-07-16T19:41:16Z : No. of bitstreams: 1 225172.pdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5)
Em todo o mundo a indústria da infra-estrutura conta com diversas formas de viabilizar o atendimento das demandas existentes. Além das dificuldades técnicas, relacionadas à tecnologia demandada em alguns casos, o ponto mais crítico a tal indústria, está relacionado às fontes de recursos financeiros para custear obras de grande porte. Em função disso, existem diversas maneiras de estruturar o financiamento dessa indústria, uma das quais, é o Project Finance. Surgido na Inglaterra, tem como principal característica "transferir" dos patrocinadores para o próprio projeto as responsabilidades para com os credores. Isto é feito criando-se uma empresa de propósito específico que dará como principal garantia aos credores instrumentos que lhes permitam ter acesso ao fluxo de caixa líquido gerado pelo projeto, em caso de inadimplência. Diante de tal quadro, o planejamento do fluxo de caixa do projeto é primordial para a estruturação desse financiamento. Considerando que o fluxo de caixa é composto por diversos fatores, esta dissertação objetiva mostrar as principais influências dos fatores componentes de fluxo de caixa no seu planejamento. Para atingir tal objetivo, as informações obtidas na bibliografia e nos casos estudados, mais as conclusões do autor, validam o trabalho. Tem como base a Engenharia Sistêmica, onde a sociedade de propósito específico criada é vista como um sistema e o planejamento e controle do fluxo de caixa como sendo uma simplificação de tal sistema.
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Zafar, Abdul Rahman <1995>. "The importance of project finance in renewable energy projects." Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/16730.
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Every project that is initiated by different investors requires financing in order to run that business/project. Mainly, we can look at financing into two categories: the first is Corporate Finance and the second is Project Finance. In the propsed work we specifically discussed about the two modes of financing and the differences between these two modes and we have also spent substantial part of time discussing project finance because project finance is the format, structure or the technique that is used in financing of infrastructure projects in a very common manner.
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Kathri, Achchige Kapila Devapriyaa. "A study of project finance in Asia with emphasis on private infrastructure project finance." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2003. http://hub.hku.hk/bib/B31244300.
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Ndupuechi, Francis. "Financial engineering for project finance." Thesis, University of Leeds, 2003. http://etheses.whiterose.ac.uk/3313/.
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The provision of public services and infrastructure has evolved over the years and currently, the ever-increasing demand for public services and the greater levels of required renewal and repair of infrastructure have created unsustainable strains on limited public sector resources, leading to a resurgence of private sector involvement in such projects, to a much larger degree than ever before. The key to the success of such privately financed projects is the structure of the financing package. This thesis traces the evolution of project financing, exploring the financial engineering of funding packages using debt and equity instruments by way of financial modelling. This research derives a generic health sector project for which a fmancial model is subsequently developed, based on actual project finance modelling practice and incorporating various financial instruments for funding and credit enhancement. Using this financial model, different permutations of financial structure are simulated and investigated; the use of bank loans versus fixed and index-linked bond issues, debt repayment profiles and blended equity structures, are some of the areas examined, as are gearing, credit enhancement, and the sensitivity of different financial structures to inflation. This thesis offers insightful knowledge on the process of financial engineering for project finance, and on the various instruments and mechanisms that can be employed for project profitability and financial robustness. The development and manipulation of a detailed financial model highlight the role and importance of optimisation of the financial package during modelling and overall, afford the reader a better understanding of the dynamic that exists between the components of a project's financial structure.
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Noya, de la Piedra Ismael, and Echecopar Juan Carlos de los Heros. "Para entender el Project Finance." THĒMIS-Revista de Derecho, 2007. http://repositorio.pucp.edu.pe/index/handle/123456789/109876.
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El desarrollo, el día de hoy, está ligado a grandes proyectos: grandes carreteras que conectan regiones, plantas de todo tipo que generan recursos para las ciudades, redes de comunicación que unen al mundo, sólo por nombrar algunos ejemplos. Así, la dinámica misma del mercado de inversiones ha generado una figura como el Project Finance, que vuelve viable el financiamiento de grandes proyectos en un marco de seguridad financiera y bajos costos de transacción. Referirse a Project Finance,como señalan los autores, es finalmente hablar de nuestro propio desarrollo y de supuesta en marcha.
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駱秀蘭 and Sau-lan Rita Lok. "Infrastructure and project finance in Asia." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1998. http://hub.hku.hk/bib/B31269102.
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Ahiabor, Frederick S. "Determinants of project finance loan terms." Thesis, Loughborough University, 2018. https://dspace.lboro.ac.uk/2134/36313.
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Project finance has become a vital financing vehicle for undertaking capital-intensive and infrastructure investments. In 2017 alone, the value of deals signed using project finance was estimated at approximately $229 billion. Despite its increasing importance, little is known regarding the impact of project-level, and country characteristics on the loan terms. This thesis proceeds in examining these determinants along three empirical essays. The first essay (Chapter 3) focuses on how domestic lead arrangers certification (in emerging markets) impact the pricing of project finance loans. Using a sample 1270 project finance loan tranches signed between 1998 and 2011, and worth over $300 billion, the chapter posits that domestic lead arrangers certification reduce search and information cost, which in turn, reduces the financing cost. The results, after controlling for endogeneity of certification decision, indicate a reduction of 47 basis points in the spread offered on PF loans. The magnitude of this reduction differs across industries, geographic region, and income classification of the project countries. The second essay (Chapter 4) examines the relationship between PF contractual structures and loan outcomes, using a sample of 5872 project finance loan tranches signed between 1998 and 2013, and worth approximately $1.2 trillion. The chapter hypothesises that (i) non financial contracts (NFCs) (that is, contracts used to manage the various project functions), reduces overall project risk, (ii) the involvement of project sponsors as key counterparties to the non-financial contracts is an additional signal of project s potential worth, and (iii) the effects observed in (i and ii) are stronger, if sponsor counterparties have verifiable credit ratings. After matching loan tranches with NFCs to those without, the results indicate that the use of NFCs reduce both the loan spreads and leverage ratios. This impact is higher if the sponsor counterparties are credit-rated. The results are also stronger for developing countries. The third essay examines the impact of country-level institutions on project finance loan spread and leverage ratio, using a sample of 3,362 loan tranches signed between the year 1998 - 2012. The chapter investigates whether political and legal institutions are substitutes (or complements), that is, if improvement in one absorbs the weakness of the other, and vice versa. Further, the essay examines if project finance network of contracts substitutes for these institutions. The results indicate that political and legal institutions are substitutes. Specifically, improvements in political institutions lead to a reduction in both the loan spread and leverage ratio for countries with weak legal and governance institutions. The chapter also finds that where NFCs are included in PF, the impact of political institutions on loan spread reduces. On the other hand, the impact of political institutions on leverage ratio is higher when NFCs are used. The findings from the three research chapters provide interesting insights on how lenders and sponsors create value through contract design.
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Zúñiga, Aleman Laura. "Project finance de proyectos de infraestructura." THĒMIS-Revista de Derecho, 2012. http://repositorio.pucp.edu.pe/index/handle/123456789/108449.
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La autora examina al Project Finance como una alternativa o mecanismo viable para que los privados consigan acceso afinanciamientos a partir del análisis de viabilidad y capacidad de retorno del proyecto en cuestión, concluyendo en la necesidad de que las entidades públicas busquen que los proyectos sean de interés de los financistas, siendo que estos también son los inversionistas en ellos.
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Lok, Sau-lan Rita. "Infrastructure and project finance in Asia /." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19876750.
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Ferrara, Erika <1994>. "Green Finance and Green Project Evaluation." Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/17392.
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The growing threat of climate change has led to a strong interest in sustainability,
environment and climate issues, especially as a result of the Paris agreement signed in 2015.
The shift towards a more sustainable and climate resilient economy has led to the creation of
a specific sector of finance: Green Finance. Although this sector is constantly evolving, there is
still a long way to go to standardize and homogenize this field.
The focus of this thesis is on Green Projects, which are medium-long term projects with
environmental and climate objectives. The analysis concerns, in particular, the financial
instruments used for their financing, the necessary eligibility criteria, the required
certifications and the sectors in which these projects operate.
In order to provide the most comprehensive analysis of these projects, it has been necessary
to study the methodology used for their evaluation: cost-benefit analysis. To complete the
assessment, an empirical study of a Green Project is finally carried out.
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Mheyamwa, John. "Does funding huge capital outlay projects through project finance enhance shareholders' value?" Master's thesis, University of Cape Town, 2013. http://hdl.handle.net/11427/29031.
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Despite project finance advancing as a crucial tool in funding huge capital outlay projects that facilitate development little research has been conducted in assessing whether it is the most optimum way of funding big project especially when one looks at the value addition in respect of the shareholders. Consequently, this research attempts to examine whether Project Finance when compared to conventional funding done under Corporate Finance does contribute to shareholders value in funding huge capital outlay projects. The research was conducted in two phases. The first phase analysed the Mozal Project which was jointly funded by the IDC and other parties under project finance. In this phase the research assess how the IDC as a funder established measures to protect and enhance value for its shareholders in funding the project. The phase goes further by assessing the value created by the investment from an IDC shareholder point of view. The results are then compared to that of other high capital magnitude projects funded under on balance sheet finance. The second phase comprised of 5 interviews and 25 questionnaires with local Project Finance industry professionals with the aim of establishing the common view on which between on balance sheet and off balance sheet finance has a positive impact on shareholders' value. The first phase led to a general guide on funding projects via project finance does add to shareholder value or not whilst the second phase gave a factual conclusion on whether funding shareholder value through project finance creates value. Specific recommendations for further research work was also indicated where it was felt that there are certain areas that can help in advancing the research subject.
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Mayor, Vitoria Fernando. "Project Finance and MCDM financial models: An application in renewable energy projects." Doctoral thesis, Universitat Politècnica de València, 2017. http://hdl.handle.net/10251/73067.
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[EN] Academics, managerial and policy making community reinforce that renewable energy investments are one of the most effective instruments to attain CO2 emission reduction targets set by the Kyoto Protocol and by the recent Paris Agreement signed at the Paris climate conference (COP21) in December 2015 in which 195 countries adopted the first-ever universal, legally binding global climate deal.
The problem of financing Renewable Energy (RE) projects has become a crucial issue for private and public decision makers worldwide. Budget constraints from governments and limited bank lending capacities have led to a reconsideration of the traditional financial instruments in the RE sector. The lack of credit makes impossible for commercial banks to fund RE projects with traditional loans. Research on new financing techniques for RE projects, such as Project Finance (PF) has gained interest in recent years. PF is a recent technique applied in large
investments projects. During the last decades of the 20th century new public private partnership schemes enabled large infrastructure, energy and environmental projects. In these sectors PF has been used to reduce cost agency conflicts and better risk management.
There is a wide number of contributions underlying the relevance of RE, however there is a lack of research on the financial aspects of RE projects. This research aims to make several contributions. First, to provide a better understanding of the PF technique and its use in the RE sector. Second, to fill the gap of research on financial aspects of RE in the literature by reviewing contributions of MCDM to RE project evaluation from the investor's perspective. Third, we propose a MPDM Moderate Pessimism Decision Making model, which adds to the rational financial evaluation of investment opportunities a set of non-financial factors that affects the investor's decisions. Finally, within the illustrative example, we apply this multi-criteria decision making process to help banks to decide if they must join a project or not.[ES] Investigadores, comunidad empresarial y clase política destacan que la inversión en energías renovables es uno de los instrumentos más efectivos para alcanzar los objetivos de reducción de CO2 establecidos por el reciente acuerdo firmado en la conferencia de Paris (COP21) en diciembre de 2015, en el cual, 195 países adoptaron el primer acuerdo universal y jurídicamente vinculante de la historia. El problema de la financiación de los proyectos de energía renovable (RE) es un tema crucial para cualquier decisor público o privado. Las limitaciones presupuestarias de los gobiernos y la falta de crédito han provocado que se reconsideren los instrumentos de financiación en el sector de las RE, por lo tanto, la investigación en nuevas técnicas de financiamiento para los proyectos de RE, como Project Finance (PF) ha ganado interés en los últimos años. PF es una técnica que se aplica en grandes proyectos de inversión. A finales del Siglo XX, los nuevos esquemas de colaboración público-privadas han permitido llevar a cabo grandes proyectos de infraestructuras y de RE. En estos sectores, el PF se ha utilizado para reducir costes, conflictos y mitigar riesgos. Numerosas contribuciones científicas subrayan la importancia de la RE, sin embargo hay un vacío en la investigación sobre los aspectos financieros de los proyectos de RE. Esta tesis tiene como objetivo aportar varias contribuciones. En primer lugar, proporcionar una mejor comprensión de la técnica del PF y su uso en el sector de las RE. En segundo lugar, cubrir el vacío existente en la literatura sobre la investigación de los aspectos financieros de las RE mediante la revisión de las contribuciones sobre MCDM para la evaluación de los proyectos de RE desde el punto de vista del inversor. En tercer lugar, se propone un modelo MPDM (Moderate Pessimism Decision Making), el cual añade a la evaluación financiera racional de oportunidades de inversión, un conjunto de factores no financieros que afectan a las decisiones de los inversores. Finalmente, se aplica este modelo multicriterio de toma de decisiones para ayudar a decidir a los bancos si deben unirse al proyecto.
[CAT] Investigadors, comunitat empresarial i classe política, destaquen que la inversió en energies renovables és un dels instruments més efectius per assolir els objectius de reducció de les emissions de CO2 establerts pel recent acord signat a la conferència de Paris (COP21) al desembre de 2015, mitjançant el qual, 195 països van adoptar el primer acord universal i jurídicament vinculant de la història. El problema del finançament dels projectes d'energia renovable (RE) s'ha convertit en un tema crucial per a qualsevol decisor públics i privats. Les limitacions pressupostàries dels governs i La falta de crèdit han provocat que es reconsiderin els instruments de finançament en el sector de les RE, per tant, la investigació en noves tècniques de finançament per als projectes de RE, com el Project Finance (PF) ha guanyat interès en els últims anys. PF és una tècnica que s'aplica en grans projectes d'inversió. Durant les últimes dècades del Segle XX, els nous esquemes de col-laboració publico-privades han permès portar a terme grans projectes d'infraestructures i de RE. En aquests sectors, el PF s'ha utilitzat per reduir costos, conflictes i gestionar millor els riscos. Existeixen nombroses contribucions científiques que subratllen la importància de la RE, però hi ha un buit en la investigació pel que fa als aspectes financers dels projectes de RE. Aquesta tesis té com a objectiu aportar diverses contribucions. En primer lloc, proporcionar una millor comprensió de la tècnica del PF i el seu ús en el sector de les RE. En segon lloc, cobrir el buit existent en la literatura sobre la investigació dels aspectes financers de les RE mitjançant la revisió de les contribucions sobre MCDM per a l'avaluació dels projectes de RE des del punt de vista de l'inversor. En tercer lloc, es proposa un model MPDM Moderate Pessimism Decision Making, que afegeix a l'avaluació financera racional d'oportunitats d'inversió, un conjunt de factors no financers que afecten les decisions dels inversors. Finalment, mitjançant un exemple il-lustratiu, s'aplica aquest model multicriteri de presa de decisions per ajudar a decidir als bancs si han de unir-se al projecte.
Mayor Vitoria, F. (2016). Project Finance and MCDM financial models: An application in renewable energy projects [Tesis doctoral no publicada]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/73067
TESIS
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Chan, Chi-wah, and 陳志華. "Property development as a means of project finance for infrastructure project." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1998. http://hub.hku.hk/bib/B3126850X.
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Chan, Chi-wah. "Property development as a means of project finance for infrastructure project /." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19876476.
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Muqtadir, Abdul. "Real-time finance management system." CSUSB ScholarWorks, 2006. https://scholarworks.lib.csusb.edu/etd-project/2992.
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Discusses the development of a real-time finance management system (RFMS) computer application. RFMS lets users learn about and manage their personal finances and stock portfolio. Finances can be managed using management tools and calculators. The program uses a Java/XML based approach where real-time market data from different stock exchanges is fetched and displayed for the user. Stock performance can then be graphed.
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Forbes, Shaun. "The impact of project flexibility on project choice and capital structure." Master's thesis, University of Cape Town, 2013. http://hdl.handle.net/11427/29011.
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This research highlights the value of Real Options Analysis (ROA) as a process in the evaluation of an oil extraction project in Sub-Saharan Africa. It shows the benefits it can bring to not only the final project evaluation but also to the project design selection process. The research then extends the application of ROA by developing and applying a framework which incorporates the fact that project flexibility has a positive impact on the projects value in the face of downside risk. ROA, by virtue of its explicit cash flow volatility modelling provides a framework for a consideration of the optimal level of project debt. In this case it suggests that the project can carry more debt than would have been acceptable if the more traditional NPV method was used in its evaluation.
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Nguyen, Huyen T., University of Western Sydney, College of Law and Business, and School of Accounting. "Project finance risk pricing decision : Australian evidence." THESIS_CLAB_ACC_Nguyen_H.xml, 2002. http://handle.uws.edu.au:8081/1959.7/352.
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This thesis presents empirical research into the project risk pricing decision undertaken by Australian project leaders for domestic project finance. It addresses questions about the relative importance of various project finance risks on the project risk pricing decision; the impact of risk interactions; and the degree of self-insight possessed by Australian project leaders when making this decision. Five project financing risk most frequently cited in the literature, namely: operating, environmental, market, political/regulation, and sponsors, were selected. Sixteen hypothetical risk pricing cases were structured, which were completed by twenty-five project leaders working in Sydney. The collected data was analysed, and the results show that the five project financing risks had strong impact on the project risk pricing decision. Among them, market risk is the most influential factor, followed by operating, sponsors, and political/regulation risks, while environmental risk was the factor with least effect. Very little support, however, was provided for the hypothesis that risk interactions impact the project risk pricing decision. Among the ten two-level risk interactions tested, only the interaction between sponsors and political/regulation was found to be significant. In relations to the degree of self-insight, various comparisons between subjective and objective weights demonstrated that the project leaders, in general, were quite insightful about their project finance risk pricing decisionsMaster of Commerce (Hons)
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Chavez, Gonzales A. Marco. "El Project Finance y sus aspectos tributarios." Derecho & Sociedad, 2017. http://repositorio.pucp.edu.pe/index/handle/123456789/117633.
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Nalvarte, Salvatierra Pierre, and Cubillas James Calderón. "Basic Concepts of Project Finance in PPP." Derecho & Sociedad, 2016. http://repositorio.pucp.edu.pe/index/handle/123456789/118573.
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Project Finance is an alternative financing mechanism to Corporate Finance which allows the companies to finance large infrastructure projects without endangers their own assets and heritage.Through Project Finance is possible to carry out major public works in the context of Public Private Partnership (PPP) Contracts, which the main guarantee of the creditors will be exploitation rights of the company that signs the public infrastructure contract, either by charging a fee to users (in case of self-sustaining PPP) or by charging a pre agreed amount to the State (in case of co-financed PPP).For a successful structuring of a PPP Project Finance, the joint work of a number of actors and legal instruments are required in order to complete the financing necessary circle in conditions of acceptable risk. The required actors are the Special Purpose Vehicle (SPV), the State, the Permitted Creditors, the Builder and Trustee. Among the necessary legal instruments include the PPP Contract, the Financing Contract, the Construction Contract and the Trust Agreement.El Project Finance es un mecanismo de financiamiento alternativo al Corporate Finance que permite el financiamiento de grandes proyectos de infraestructura, sin necesidad de que las corporaciones pongan en riesgo su patrimonio y activos propios. A través del Project Finance se pueden ejecutar obras públicas de envergadura, en el marco de Contratos de Asociación Público Privada (APP), en donde la principal garantía de los Acreedores consistirá en el derecho que tiene la empresa que suscribe dicho contrato para explotar la infraestructura pública, bien sea a través del cobro de una tarifa a los Usuarios (en el caso de las APP Autosostenibles) o a través del cobro de un monto pre acordado con el Estado (en el caso de las APP Cofinanciadas). Para la estructuración exitosa de un Project Finance en una APP se requiere el trabajo conjunto de una serie de actores y de instrumentos jurídicos que completen el círculo necesario para el financiamiento en condiciones de riesgo aceptables. Los actores necesarios son la Sociedad de Propósito Exclusivo (SPE), el Estado, los Acreedores Permitidos, el Constructor y un Fiduciario. Entre los instrumentos jurídicos necesarios destacan el Contrato de APP, el Contrato de Financiamiento, el Contrato de Construcción y el Contrato de Fideicomiso.
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Nguyen, Huyen T. "Project finance risk pricing decision : Australian evidence." Thesis, View thesis, 2002. http://handle.uws.edu.au:8081/1959.7/352.
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This thesis presents empirical research into the project risk pricing decision undertaken by Australian project leaders for domestic project finance. It addresses questions about the relative importance of various project finance risks on the project risk pricing decision; the impact of risk interactions; and the degree of self-insight possessed by Australian project leaders when making this decision. Five project financing risk most frequently cited in the literature, namely: operating, environmental, market, political/regulation, and sponsors, were selected. Sixteen hypothetical risk pricing cases were structured, which were completed by twenty-five project leaders working in Sydney. The collected data was analysed, and the results show that the five project financing risks had strong impact on the project risk pricing decision. Among them, market risk is the most influential factor, followed by operating, sponsors, and political/regulation risks, while environmental risk was the factor with least effect. Very little support, however, was provided for the hypothesis that risk interactions impact the project risk pricing decision. Among the ten two-level risk interactions tested, only the interaction between sponsors and political/regulation was found to be significant. In relations to the degree of self-insight, various comparisons between subjective and objective weights demonstrated that the project leaders, in general, were quite insightful about their project finance risk pricing decisions
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Nguyen, Huyen T. "Project finance risk pricing decision : Australian evidence /." View thesis, 2002. http://library.uws.edu.au/adt-NUWS/public/adt-NUWS20030728.091703/index.html.
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Thesis (M.Comm. (Hons.)) -- University of Western Sydney, 2002."An empirical study of the project finance risk pricing decision made by Australian project leaders in terms of project finance risk weighting and degree of self-insight" Bibliography : leaves 98-105.
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Pereira, Renato Sundin. "Project finance como fonte alternativa de recursos." Florianópolis, SC, 2003. http://repositorio.ufsc.br/xmlui/handle/123456789/85734.
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Dissertação (mestrado) - Universidade Federal de Santa Catarina, Centro TecnológicoMade available in DSpace on 2012-10-20T22:19:39Z (GMT). No. of bitstreams: 1 231574.pdf: 658098 bytes, checksum: 770d1295202871fb41929d9bf78ce062 (MD5)
A pesquisa aborda um estudo sobre o modelo de Project Finance, como instrumento de fomento para o desenvolvimento econômico e como uma alternativa para viabilização de projetos de grande porte. Monstra as dificuldades encontradas pelo mercado de encontrar formas de financiamento que possam facilitar os investimentos nesses projetos. Utiliza-se como fio condutor a análise do estudo de caso da Hidrelétrica de Itapebi, observando junto aos diretores a sua elaboração, colhendo conhecimento dentro desse contexto específico. O foco do estudo recaiu em duas questões: 1) A utilização de sistemas específicos para o financiamento de projetos complexos, evidenciando que cada caso merece ser estudado e desenhado conforme suas características; 2) A contribuição do modelo Project Finance para o controle administrativo de projetos envolvendo múltiplas atividades integradas, mostrando as variáveis que podem ocorrer na sua criação e as formas de administração para minimizar seus riscos. Os resultados mostram como é feita a caracterização do Project Finance, com base na observação in loco do trabalho realizado pelas pessoas envolvidas no projeto da Usina Hidrelétrica de Itapebi, nas análises dos documentos produzidos e nas entrevistas formais e informais realizadas durante a pesquisa. Pode-se verificar também, as diretrizes administrativas que são emanadas do conjunto de contratos necessários para a composição do empreendimentos e a contribuição dos mesmos para redução de riscos. The research approaches a study on the model of Project Finance, as instrument of promotion for the economic development and as an alternative for viabilização of large projects. It demonstrates the difficulties found for the market to find financing forms that can facilitate the investments in these projects. The analysis of the study of case of the Hidrelétrica de Itapebi is used as conducting wire, observing together to the directors its elaboration, harvesting knowledge inside of this specific context. The focus of the study fell again into two questions: 1) the use of specific systems for the financing of complex projects, evidencing that each in case that it deserves to be studied and to be drawn as its characteristics; 2) the contribution of the model Project Finance for the administrative control of projects involving multiple integrated activities, demonstrating the variable that can occur in its creation and the forms of administration to minimize its risks. The results show as the characterization of the Project Finance is made, on the basis of to the comment in lease of the work carried through for the involved people in the project of the Plant Hidrelétrica de Itapebi, in the analyses of documents produced and in carried through the formal and informal interviews the research. It can also be verified, the administrative lines of direction that are emanated of the set of necessary contracts for the composition of the enterprises and the contribution of the same ones for reduction of risks.
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Alcântara, Wenersamy Ramos de. "Opções reais com aplicações a project finance." reponame:Repositório Institucional do FGV, 2003. http://hdl.handle.net/10438/5826.
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Previous issue date: 2003-04-04T00:00:00ZO presente trabalho busca contribuir para a disseminação e evolução da teoria de opções reais através de uma dupla proposta: a) justificar e aprofundar o estudo da teoria de opções reais, mostrando sua aplicabilidade e importância na prática profissional; b) agregar novos elementos ao estudo desta teoria ao suscitar a discussão de suas conseqüências financeiras e econômicas em operações de project finance. Foi escolhida a perspectiva histórica para apresentar os princípios econômicos da análise de investimentos, fundamentando a utilização da teoria de opções reais, que é detalhada em seguida. As operações de project finance e seus elementos mais significativoc são brevemente apresentados, para que então seja iniciada a discussão das implicações da utilização da teoria de opções reais neste tipo de operação de financiamento. Tais implicações estariam presentes na reavaliação do interesse pelos projetos em relação à tradicional avaliação por fluxo de caixa descontado; na escolha ou não de um financiamento na forma de um project finance e na maneira como os contratos de project finance são elaborados, de modo a evitar que cláusulas restritivas resultem em projetos com menores flexibilidade e valor. Por fim, é feito um estudo de caso do project finance para o desenvolvimento do Campo de Marlim pela Petrobrás
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Müllner, Jakob. "International project finance: review and implications for international finance and international business." Springer, 2017. http://dx.doi.org/10.1007/s11301-017-0125-3.
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This literature review analyzes the global phenomenon of international
project finance (PF) as both a management and finance instrument, allowing practitioners
to realize large scale infrastructure projects in high risk contexts. After describing
the characteristics of PF, its historical origins and its unique benefits for empirical
inquiry, I summarize the findings of academic research from an interdisciplinary perspective.
Based on this integration of Finance, Management and International Business
research, I discuss the theoretical implications for each field that emanate from PF.
Finally, I identify possibilities for future research and propose a more balanced, interdisciplinary
academic treatment of PF.
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Chan, Ka Fai. "An Exploratory Study of the Effects of Project Finance on Project Risk Management : How the Distinguishing Attributes of Project Finance affects the Prevailing Risk Factor?" Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-38923.
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Project finance is a financing arrangement for projects, and it is characterised by the creation of a legally independent project company financed with non- or limited recourse loans. It is observed that the popularity of project finance is increasing in the recent decades, despite of the impact of Asian financial crisis. Especially in emerging markets, project finance is very common among the public-private partnership projects. It is possible that project finance yields some benefits in project management that other forms of funding are not able to provide. This research aims to explore the impacts of project finance on the risk management of projects, as well as the mechanisms of the effects of various factors on project risk management. The research starts with a quantitative analysis which consists of project data from 32 projects in recent years. The regression analysis on these quantitative data reveals that factors such as the separation of legal entity and existence of third-party guarantees can effectively reduce the borrowing rates of the projects. The borrowing rates, expressed in terms of credit spreads over LIBOR, are regarded as a proxy for the overall risk level of the projects. The qualitative section which involves five structured interviews further explores the relationships of the attributes of project finance on project risk management. The interviewees largely agrees on the effects of the separation of legal entity, non- or limited recourse loans, and the existence of third-party guarantees in managing political and country risks, business risks, and principal-agency risks. The involvement of a larger number of stakeholders in the projects enable the project to enhance its risk management ability by gaining external expertise and knowledge, influences on government policies, and more importantly, closer supervisions on project activities. Apart from revealing the important features of project finance, and the potential benefits it may yield on project risk management, the effectiveness of these features are also discussed. The study also examines the relationships between these features and the common risk factors which may affect all projects. Some recommendations to enhance the benefits of project finance and reduce the associated transaction costs are made based on this study.
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Holmgren, Björn, and Karin Lindh. "Project Finance : Finding the right sources of funding." Thesis, Linköping University, Department of Management and Economics, 2002. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-1030.
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Background: Following the wave of privatisation and deregulation during the last decades, buyers of infrastructure constructions, such as dams, roads and telecommunication, have changed from states or public authorities to private companies. Private buyers do not always have the financial strength to arrange the financing for a project and providing a financial arrangement, for example by helping customers to obtain loans, has become a means to compete on the market.
Purpose: The purpose of this thesis is to describe and analyse how Swedish companies arrange project finance for large-scale projects.
Method: In order to gain knowledge of our area of investigation we searched for relevant literature and articles from magazines.
Result: The result of this study has showed that three factors are of special importance when choosing a certain financial arrangement. These three factors are the region in which the project is located, duration of the project and its size measured in monetary terms.
Bakgrund: Privatiseringsvågen och avregleringarna de senaste decennierna har medfört att många köpare av infrastruktur, t.ex. dammar, vägar och telekommunikation, gått från att vara statligt ägda företag till att vara privata företag. Privata köpare har inte alltid möjligheten att ordna finansieringen av projektet. Således har det blivit en viktig del av säljarens erbjudande att kunna erbjuda köparen en finansiell lösning, t.ex. förmedling av lån.
Syfte: Syftet med denna uppsats är att beskriva och analysera hur svenska företag organiserar finansieringen av storskaliga projekt.
Resultat: Resultatet av denna studie pekar på att det är tre faktorer som är speciellt viktiga när det gäller hur man ska organisera en projektfinansiering. Dessa tre faktorer är regionen där projektet är lokaliserat, projektets löptid och dess storlek.
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Benouaich, David (David Olivier) 1970. "Financing and ownership structures in international project finance." Thesis, Massachusetts Institute of Technology, 2000. http://hdl.handle.net/1721.1/9093.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Civil and Environmental Engineering, 2000.Includes bibliographical references (leaves 127-131).
In the past twenty years there has been a new wave of global interest in project finance as a tool for financing capital-intensive projects all around the world. The crucial elements in structuring a project finance transaction are: the risk allocation process, the determination of the best type of ownership structure, and the development of a complete and integrated set of financial and contractual arrangements. This thesis examines the ownership and financing structures in International Project Finance. Selection of the form of business organization for a project is an important step in project development and depends on a variety of business, legal, accounting, tax and regulatory factors. This thesis presents four forms of ownership structure most frequently used for developing a project and highlights the reasons of selecting one of them. The variety of sources of funds, with a trend towards the increasing development of sophisticated capital market instruments, provides project sponsors with flexibility to select the appropriate structure to finance a project. This thesis presents the three types of capital used in project financing and details the alternatives for financing a project from its development phase to its operating phase showing that the project financing is a dynamic process. After having developed a basic framework for structuring an international project finance transaction, this thesis ends by exposing projects financed on a project-financing basis. These projects are characterized by some specific features, such as refinancing prior to project completion or use of capital market financing.
by David Benouaich.
S.M.
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Molina, Rey de Castro Fernando. "Direct agreements and their role in project finance." THĒMIS-Revista de Derecho, 2018. http://repositorio.pucp.edu.pe/index/handle/123456789/123857.
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The direct agreements perform an essential role in the viability of financing of projects. Its proper regulation determines its course, the prevention and management of possible consequences. Therefore, it is important to know this legal concept that has scarcely been studied in the doctrine. In this article, the author develops legal treatment of this legal concept, its definition, main terms and regulation in the Peruvian legal system.Los contratos directos desempeñan un rol esencial en la viabilidad de la financiación de proyectos. Su adecuada regulación determinará el curso de los proyectos, la prevención y el manejo de posibles consecuencias. Por ello, es importante conocer esta figura jurídica que ha sido poco estudiada en la doctrina. En el presente artículo, el autor desarrolla el tratamiento legal de esta figura jurídica, su definición, sus principales términos y su regulación en el ordenamiento jurídico peruano.
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Yuliyanti, Diana 1977. "Project finance for independent power producers in developing countries : the Paiton I project generation project in Indonesia." Thesis, Massachusetts Institute of Technology, 2001. http://hdl.handle.net/1721.1/8989.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Civil and Environmental Engineering, 2001.Includes bibliographical references (p. 227-232).
Private investments for independent power producers (IPPs) in developing countries have grown substantially since 1990s as public utilities were unable to keep pace with the countries' electricity demand. The private investors' experiences, however, have not been as smooth as expected with the possibility of deterioration of relationship between the investors and the host governments. The investors' tendency to get high returns to compensate for the risks they perceive as high when investing in developing world sometimes supersedes the main concern of the host government, which is to satisfy the public demands with as low a cost as possible. Some agreements between the investors and the public entity that are crafted to stabilize returns to investors regardless the economic conditions of the host country have been ineffective when the initially anticipated conditions change sharply. The thesis develops a risk-sharing framework between private investors and host governments or public entities to provide mechanisms when the initially anticipated economic condition turns adverse. The framework is developed as a modification of the current model of agreements, with a particular focus being on power purchase agreements (PPAs). The Paiton I project, a coal-fired power generation project in Indonesia, serves as a case study. The Paiton I model PPA have been ineffective in dealing with the inability of the Indonesian public utility to honor the contract when the mid-1997 Asian crisis occurred. Several key lessons arise from the case analyses. The take-or-pay level in the tariff structure is high while the demand projection is over optimistic; the risk arrangement is imbalanced, with the public utility assuming the majority of market risks, currency risks, and force majeure risks; the politically well-connected local participant turned out to be liabilities when government changes; efforts to pursue settlement in the international arbitration resulting in decisions favorable to investors have been difficult to implement in times of crisis. Certain analyses and recommendations covering lessons for better arrangements are outlined. Competition, transparency, and appropriate risks mitigation efforts are the key factors. The thesis closes with a tariff benchmarking analysis to aid the contracted parties in the tariff renegotiation process.
by Diana Yuliyanti.
S.M.
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Chimuti, Shingirai. "Configural cue processing of project finance risks in the lending decision : an analysis of loan officers decision processes in mining project finance." Thesis, Stellenbosch : University of Stellenbosch, 2011. http://hdl.handle.net/10019.1/14639.
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Thesis (MDF)--University of Stellenbosch, 2011.The continent of Africa is often recognised more for its problems and conflicts than for its successes. Blessed with an abundance of natural resources, the continent has also suffered from the ‘resource curse’ with many of its troubles directly linked to resource conflicts. Project-finance provides a unique opportunity for unlocking the continent’s resources by structuring arrangements which can allay investor concerns. This report contributes to the discourse on Africa’s development by unpacking some of the key issues which will enable and fast-track future investment on the continent. The primary purpose of this study was to investigate how subjective risk analysis and decision making affect risk-based lending. Tied to this was the examination of five risk categories and how these influence the decisions of project-finance loan officers. The particular focus of this study was in the mining sector. This study reviewed a comprehensive body of the literature which found that corruption and political risk were of great influence on lenders’ perception of risk. This study also reviewed the cognitive psychology literature in order to understand how decision makers process information cues. A quantitative method was then employed in order to understand how project-finance lenders respond to project-finance risk information cues. The results of the study were that, when considering mining projects in Africa, political and market risk have significant influence on the decisions of lenders. This finding confirms that there remain key issues which must be recognised and addressed if the continent is to generate and sustain long-term wealth.
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Magqaza, Ayanda. "An exploratory study of project financing urban infrastructure." Master's thesis, University of Cape Town, 2016. http://hdl.handle.net/11427/28976.
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This research paper aims to explore the use of project finance to fund urban infrastructure in order to aid the development of affordable housing. This is due to the high rate of urbanisation in developing nations, leading to the challenge of providing adequate shelter and the requisite infrastructure. Although South Africa has been lauded for making observable strides in housing and infrastructure provision, infrastructure is still required. There is reluctance to bring private finance into infrastructure development in developing economies because full recovery of invested capital is not easy to achieve. Project finance is recommended to improve the rate of shelter provision as well as to catalyse the eradication of slums. Project finance was investigated through interviewing selected participants, based on their role in the infrastructure provision sector. The outcomes indicated that project finance is an appropriate tool due to its characteristics.
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Hansen, Eric Waldemar. "Asymmetric information, learning and project finance : theory and evidence." Thesis, London School of Economics and Political Science (University of London), 1991. http://etheses.lse.ac.uk/1198/.
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Project finance is analysed in three separate papers plus a survey. The survey highlights, inter alia, the recent development of multi-stage models with learning and reputation. The following two chapters develop models where projects involve a sequence of investments, while the final chapter is an empirical study. In Chapter Two an entrepreneur makes an initial investment and then faces an optimal stopping problem. It is socially optimal to terminate a high cost project when costs become known sufficiently early. But, due to past investments being sunk costs, there is a cut-off point after which completion of projects is always optimal. With asymmetric learning the entrepreneur may conceal bad state realisations from investors until after the cut-off date. The stopping problem is sometimes resolved by a loan commitment (a single-stage mechanism) and sometimes by convertible and redeemable Preference shares (a two-stage mechanism). In Chapter Three an entrepreneur begins with a project in the form of a call option with two periods to maturity. One period latter another project becomes available. Exercise decisions are observable but non-contractible and contracts to finance the second project cannot be written in advance of its arrival. With symmetric information about state realisations a simple rule for whether the two projects are best incorporated jointly as a single firm or separately as legally distinct firms is given. If joint incorporation is optimal, a contractual covenant to this effect may be required to overcome a time-inconsistency problem. With asymmetric information the exercise decision for the first project becomes a signalling game with a premature-investment pooling equilibrium. The time-inconsistency problem now becomes a useful device for eliminating the pooling equilibrium. The analysis implies that the covenants attached to financial contracts may differ according to whether information is symmetric or asymmetric. Finally, Chapter Four studies a unique sample of high growth entrepreneurial firms financed by 3i PLC. We characterise financing arrangements for these firms and discusses their relation with theories of optimal capital structure. Probit analysis is used to study the relation between collateral and risk. Contrary to the significant positive relation found by recent studies, we find no significant relation between collateral and risk.
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MENDES, RAFAEL MACHADO. "REAL OPTIONS IN PROJECT FINANCE: AN OIL INDUSTRY APPLICATION." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2012. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=19926@1.
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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIROCOORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR
PROGRAMA DE SUPORTE À PÓS-GRADUAÇÃO DE INSTS. DE ENSINO
As estruturas do tipo Project Finance, cada vez mais, vêm sendo utilizadas para o financiamento de projetos de investimento, principalmente, quando se trata de obras infraestruturais. Para tanto, uma grande estruturação jurídica é utilizada de forma a garantir uma adequada alocação de riscos às partes interessadas do projeto. Esta gestão riscos do projeto é de fundamental importância para garantir a viabilidade financeira e sucesso de um financiamento estruturado, como o Project Finance. Agora, analisando o projeto, sob o ponto de vista econômico, uma nova abordagem de avaliação de projetos de investimentos vem ganhando força nas empresas e na academia. Trata-se da teoria de Opções Reais que busca valorar e mensurar flexibilidades gerenciais que venham a acontecer durante o ciclo de vida de um projeto de investimento. Essa ótica pode tornar viáveis, economicamente, projetos antes inviáveis, sob a perspectiva tradicionalmente estática da teoria clássica de análise de investimentos. No contexto de Project Finance, podem ser consideradas como opções reais, cláusulas contratuais (por determinadas garantias de serviço), o abandono de um projeto durante sua execução, dentre outras. Nesse sentido, este trabalho apresenta a modelagem de um caso fictício de construção de um gasoduto, analisando o projeto, sob a perspectiva com e sem opções. Para tanto, foram utilizados os métodos analítico e de Simulação de Monte Carlo.
The Project Finance structures are increasingly being used to finance investment projects, especially for infrastructural projects. Therefore, a complex legal structure is used to ensure an appropriate allocation of risks to the project stakeholders. This project risk management is very important to ensure the financial viability and success of a structured finance, such as Project Finance. Now, analyzing the project from the economic point of view, a new approach for evaluating investment projects has been gaining strength in business companies and academy. That’s the Real Options theory which seeks to measure and value managerial flexibility which may arise during an investment project life cycle. Projects before unviable under the static view of investment analysis classical theory can become economically viable using this perspective. In Project Finance’s context can be regarded as real options contract terms (for certain guarantees of service), the project abandonment during its implementation, among others. In this sense, the dissertation presents a fictitious case modeling of a gas pipeline, analyzing the project s perspective with and without options. Thus, both methods were used: the analytical and Monte Carlo simulation.
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Santos, Neto Olegario Franco dos. "O project finance no financiamento do setor eletrico brasileiro." [s.n.], 2003. http://repositorio.unicamp.br/jspui/handle/REPOSIP/286487.
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Orientador : Claudio Schuller MacielDissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia
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Resumo: A entrada da iniciativa privada no setor de infra-estrutura é objeto de acaloradas discussões e controvérsias. Há quem a considere o caminho mais acertado para que o país recupere os níveis de investimento de outrora, que hoje se fazem imprescindíveis a um melhor desempenho econômico. Tal posicionamento é freqüentemente associado ao amplo conjunto de reformas liberais empreendidas nos anos 90, convertendo-se no corolário de interpretações que, a seu modo, constatam as inegáveis dificuldades fIscais por que passa o Estado. Outro grupo de analistas, mais cético, contraria as avaliações positivas da inserção privada no setor de infra-estrutura, discordando da capacidade 'natural' do setor privado em prover seu financiamento. Neste contexto, encontramos, se não a tão recente, certamente a mais ousada proposta de suprimento privado das demandas infta-estruturais, o project finance (PF). Se, por um lado, há inúmeros pretensos exemplos de projetos implantados sob estes moldes no setor elétrico brasileiro, por outro lado constata-se número significativo de análises que divergem a respeito de sua viabilidade. Assim, emergem críticas que apontam severas restrições estruturais a sua implementação, a qual requereria instituições e mercados específicos para que, de fato, se efetivasse. Para além da controvérsia, nessa alternativa financeira, em termos conceituais, os patrocinadores dos projetos (lenders) levam em consideração não apenas os seus ativos, mas sobretudo a base do projeto e suas receitas vindouras. Então, as partes financiadoras do projeto procuram receitas a serem geradas a partir da operação ou expansão do empreendimento, com o intuito de assim amortizar o investimento feito. O financiamento é baseado, portanto, na capacidade de pagamento demonstrada no fluxo de rendimento esperado do empreendimento. Outro ponto fundamental nesse modelo é a redução dos riscos inerentes ao projeto. Os riscos presentes na estrutura do PF são transferidos (unbundling) para terceiros por respaldo creditício de diversas naturezas, principalmente por meio de contratos específicos realizados entre os diferentes agentes envolvidos no empreendimento, tais como os fornecedores de insumos e os compradores da produção do projeto. Da mesma forma, a criação de uma Special Purpose Companie (SPC), que assume o risco comercial do projeto, sendo geralmente constituída sob a forma de sociedade anônima para que suas ações possam ser caucionadas e oferecidas em garantia, cumpre o mesmo propósito de minimizar riscos. Igualmente marcante é a atuação de organismos muhilaterais na estruturação de um PF. O envolvimento dessas agências, não raramente, implica um efeito atrativo para o capital do setor privado. A despeito disso, a participação do setor público, a princípio tida como complementar, tem se constituído o suporte de muitos projetos elétricos, culminando na diminuição signifIcativa dos riscos inerentes aos empreendimentos, para o bel-prazer dos interesses privados. Destarte, é recolocado o debate sobre a extensão da atuação do Estado no desenvolvimento do setor e, mesmo, na promoção das transformações necessárias ao melhoramento dos mecanismos fInanceiros existentes
Mestrado
Economia Regional e Urbana
Mestre em Desenvolvimento Econômico
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Ronceros, Miguel Angel. "Aproximaciones al project finance : comentarios al tema de investigación." Pontificia Universidad Católica del Perú (PUCP), 2015. http://hdl.handle.net/10757/552648.
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Hace algunos meses recibimos con especial
satisfacción un ejemplar de la edición de aniversario
de ius et veritas que incluía un artículo de su
Grupo de Investigación sobre un tema que nos
resulta de particular interés, el financiamiento de
grandes emprendimientos a través del mecanismo
de Project Finance.
Dicho artículo, titulado “Innovando los
Financiamientos de Proyectos - una aproximación
al Project Finance” constituye una de las primeras
publicaciones en Perú sobre tan complejo
mecanismo de financiamiento, de modo que es
un gusto haber sido invitado por el Consejo
Directivo de la revista para comentar el
mencionado artículo.
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Walsh, Peter Michael. "Zero Recourse Project Finance Modell zur Risikostrukturierung von Immobilienentwicklungen." Göttingen Sierke, 2008. http://d-nb.info/990446298/04.
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Okanlomo, Vaneshree. "Risk Management in project finance : a financier's assessment framework." Diss., University of Pretoria, 2015. http://hdl.handle.net/2263/52284.
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Infrastructure development represents one of the major hindrances to economic growth and social development across all countries worldwide. A one percent increase in GDP is expected in a country with an estimated ten percent increase in infrastructure assets. Private project and structured financing is identified as the most effective tool for the provision of the required infrastructure.
The complexity, formidable risks and highly leveraged nature of project and structured financing transactions account for the mismatch between the numbers of infrastructure financing transactions that reach financial close compared to the available pipeline. Increased literature focusing on the public sector procurer and private sector contractor is available in project and structured financing transactions, but scarce research focuses on the risk assessment processes applied by financiers to the due diligence of transactions.
In this study, 15 in-depth semi-structured interviews were conducted with financing experts representing a diverse set of expertise with varying levels of experience in different markets. ATLAS.ti was used to analyse, code and identify themes in the data collected.
The findings indicate a wide range of risks and scenarios are considered by financiers with the top risks being political or sovereign risk followed by construction risk. From the findings discussed, a financiers generalized risk assessment framework is created that can be applied to a wide range of project financing transactions and markets in context.Mini Dissertation (MBA)--University of Pretoria, 2015.
sn2016
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted
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Wan, Shiu-wah William, and 溫兆華. "Methods of project financing and refinancing, their relevance to development projects in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1989. http://hub.hku.hk/bib/B31251201.
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Chan, Man-wai, and 陳文偉. "The relationship between project funding and construction systems." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1997. http://hub.hku.hk/bib/B3123656X.
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Martins, Allisson David de Oliveira. "Project finance: a type of financing applied to wind CearÃ." Universidade Federal do CearÃ, 2010. http://www.teses.ufc.br/tde_busca/arquivo.php?codArquivo=4889.
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nÃo hÃEste trabalho enfatiza a importÃncia da energia eÃlica e demonstra o potencial eÃlico tecnicamente aproveitÃvel no Estado do CearÃ. Investiga-se especificamente a modalidade de financiamento Project Finance, atravÃs de suas definiÃÃes, riscos, vantagens e desvantagens como uma alternativa de crÃdito de longo prazo capaz de viabilizar novos projetos relacionados à diversificaÃÃo da matriz energÃtica brasileira. A estrutura do Project Finance à estudada para projetos eÃlicos no Cearà onde hà participaÃÃo do Banco do Nordeste do Brasil S/A. Na anÃlise de tais planos de financiamento consideram-se as caracterÃsticas bÃsicas dos empreendimentos em seus determinantes tÃcnicos, econÃmico, financeiros, estruturas de capital, garantias dos empreendimentos, fatores de risco e instrumentos mitigadores. Conclui-se que o Project Finance se reveste de grande importÃncia por apresentar-se como uma ferramenta relevante para a concreÃÃo de projetos de grande porte, na medida em que a iniciativa privada toma o papel de grande investidor no setor de energia.
This work emphasizes the importance of the eolic energy and demonstrates the eolic potential technically profitable in the Cearà State. It specifically investigates a financial modality named Project Finance, through its definitions, risks, advantages and disadvantages. It also demonstrates the role played by the Project Finance as an alternative of long term credit, which is able to make feasible new projects related to the diversify of the Brazilian energetic matrix. The Project Finance structure is studied for eolic projects in CearÃ, with the participation of Banco do Nordeste do Brasil S/A. In the analysis process of these financial planes, there are considered: the basic entrepreneurship characteristics, in their technical, economic and financial determinants; capital structures; entrepreneurship guarantees; risk factors and mitigators instruments. The work concludes that the Project Finance is very important for the entire Region, because presents itself as an important tool to the concretization of large projects, as the private enterprises play the role of big investors in the energy sector.
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Almajed, Muath Abdulaziz M. "Islamic project finance in Saudi Arabia : regulatory and legal challenges." Thesis, University of Leeds, 2017. http://etheses.whiterose.ac.uk/16361/.
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The study set out to explore the concept of Islamic Project Finance (IPF) and to examine its main legal and regulatory challenges in Saudi Arabia (KSA). Having as a primary objective the development and improvement of IPF in the project finance market in KSA, the thesis consists of a theoretical, conceptual study of Islamic project finance, before examining the current performance of IFIs in project finance, and eventually identifying the most prominent legal and regulatory challenges of IPF. The theoretical part, which spreads in the first three chapters, examines the concept of conventional project finance and how close it is to the principle and philosophy of Islamic finance. It is argued that the project finance mechanism is the most suitable financial tool for the objectives of Islamic finance. It is established that not only both mechanisms share similar underlying philosophies in different aspects, for instance the risk-sharing and profit generation methods, but also, in terms of principle, none of the rules of Islamic finance would be breached or violated by project finance, and most of its rules could be easily adapted. In the examination of the current performance of IPF and its regulatory and legal challenges in KSA, this study argues that the absence of sound regulation and standardisation for the Islamic finance industry has been having a detrimental impact on the efficiency and productivity of Islamic finance in the project finance market. The legal limbo the industry has found itself into not only creates a number of serious challenges, including sharia-compliance, inconsistency among SSBs, and sharia governance over IFI products in the event of dispute, but also hinders any ambition to operate in the highest level, while holding its principles and philosophy. From the analysis emerges the conclusion that three essential strategies will allow the IPF industry to develop and thrive in the project finance market: the increase of equity finance investments, the reconsideration of the traditional project finance structure, and the standardisation and regulation of the Islamic finance industry.
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Dañino, Sinclair Gabriela, Sigüeñas Luis Esteban Delgado, Pacheco Andrés Gjurinovic, López-Raygada Romina Stucchi, and Villanueva Claudia Vargas. "Innovando el financiamiento de proyectos : una aproximación al project finance." IUS ET VERITAS, 2017. http://repositorio.pucp.edu.pe/index/handle/123456789/122397.
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Ngwembe, Geofrey P. "Project finance law and regulation in Tanzania: a critical analysis." Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/28070.
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Long term finance schemes are, to a little extent, employed in Tanzania since major economic reforms which occurred in the 20th C. Shifting from public finance mechanism, the government of Tanzania have initiated mechanism such as PPP in order to instil private sector in engaging in several economic activities. As projects basis form of investment have been adopted in catering with developmental plans, especially in becoming an industrialized nation - Tanzania - by 2025, an effective legal and regulatory framework for project finance is crucial. Despite having PPP, Tanzania still faces several challenges, especially on its recognition and implementation, mainly, inadequate legal framework as project finance not only caters for PPP transactions, but also for private and public finance of projects, lack of specific regulatory body/division, as well as extensive government interference in projects. The lack of an effective legal and regulatory framework for project finance mechanism deters its success unless it is redressed, hence the purpose of this dissertation which is to ascertain and review project finance setting in Tanzania, experiences and lessons will be drawn from the UK and South Africa in determining the legal and regulatory framework of project finance in Tanzania, tackling of challenges within, and way forward in the incorporation of project finance mechanism as a new mechanism in Tanzania's jurisdiction.
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MANGANO, GIULIO. "Risks in Project Finance Initiatives: Current Trends and Future Directions." Doctoral thesis, Politecnico di Torino, 2014. http://hdl.handle.net/11583/2572574.
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This thesis is an analysis of Public Private Partnership (PPP). PPP refers to the provision of public assets and service through the participation of the government, the private sector and the consumers. The purpose is to analyze the main risks involved in a PPP initiative and to understand how they affect its capital structure. To this aim, different datasets have been analyzed in order to trace consistent and coherent lessons. After that, this thesis aims at proposing PPP models for innovative project in the Smart City context, based on the assumption that innovative financial schemes can fit innovative projects. In particular several PPPs for Smart City projects have been analyzed and a Project Finance contract for the replacement of traffic light lamps has been proposed so that the applicability of the financial tool in new fields of application have been tested. The success of a PF initiative is strictly related to a careful analysis of all the risks associated with the project. As a matter of fact, many risks could occur during the life of the project and they can significantly affect its outcomes. For this reason risks have been categorized in sources and associated to their indicators. For each indicator, several parameters have been identified. The main sources of risk are Country, Financial, Market and Construction. First a dataset of worldwide toll road has been analyzed. The private concessionaire that constructs the infrastructure collects revenues generated by users, and the infrastructure by itself represents a solid collateral. The analysis highlights that inflation rate, the investment size, the construction duration, the financial strength of the Special Purpose Vehicle and the number of partners has a significant influence with the share of the equity into the total investment. This study might help the purpose of providing better opportunities for sponsors to improve the equity profitability and for lending agencies to better handle with risks associated with the debt supply.
The analysis has been then focused on the British market, which is one of the most important ones and wherein the Project Finance is actually developed and the legislative context is well defined. Based on the idea that the Unitary Charge (UC) periodically corresponded by the public authority (and in turn the capital structure) is associated with the project risk profile, the study investigates risks that might have significant impacts on the UC of a PF hospital project. The study demonstrates that it is possible to achieve a higher level of Value for Money (VFM) in PF hospital projects within a good economic and political environment. In Italy the PF market has rapidly grown, in light of the need for the public sector to find a feasible way to construct or renovate infrastructures in a context of scarce public finance. Based on past projects developed in Italy an empirical analysis has been carried out in order to identify the main aspects that can impact on the success of a PF initiative. As a matter of fact, evidence has shown that not all the projects appear to fit for PF, and often a project fails to go further out of the early contract procurement phases. Therefore, there is the need to understand what are the key factors affecting the construction of a PF initiative. The study shows that large-sized projects developed in wealthy conditions in terms of political and economic stability and levels of GDP, have good chances to be constructed, especially whenever the time is given to parties to negotiate the contract provision. The analysis provides with a hint for policy makers to learn that PF is a valuable system to be used in stable and developed environments for large projects with little time pressure.
PF mechanism was launched in Italy in 1999 and after ten years the Italian market is the second largest one in Europe, especially in the healthcare sector. However, financially freestanding privately-funded PF hospitals are rare and the capital structure of most projects requires a considerable share of public funding. The most proper amount of money invested by the public authority should cover the non-self-financing (and therefore the riskier ones) of the investment costs, but it often happens that the level of public contribution exceeds this limit. The results of the analysis highlight that the financial strength of the SPV, the number of services that are granted to the private partners, the level of borrowing of the public authority, and the duration of the concession period appear to be significant factors of the public fraction of financing required to deliver the project. These results originate some important considerations about the relevance of risks in the development of PF initiatives. PF better fits in stable politic and economic environments, but at the same time it is largely adopted in emerging countries with large demand of new infrastructures and high level of risk (in terms of level of transparency, corruptions, currency exchange). From a financial perspective a robust SPV is likely to better deal with the project with a positive impact on the capital structure. The market risk is associated with the number of customers that exploit the facility and the number of services that privates manage. If the demand of services is not enough to generate sustainable profits, the public party could reimburse an additional fee, in order to cover for this risk. The project risk is mainly related to the complexity of the project in terms of the number of partners in the SPV and the investment size.
The last part of the thesis is associated to the future and potential scenarios associated to PF and more in general to PPP scheme. In fact the aim is to propose PPP models in the smart city (SC) arena, a promising field of innovation and investments. SC appears to be as a new paradigm to carry out innovation that marks a shift between traditional way of completing technology-push processes and the new approach based on the user’s needs. In this political and economic scenario, the PPP seems to be a solution for the development of smart projects and the design of PPP models should become an integral part of the SC agendas. As demonstrated in the development of traditional infrastructure, the involvement of privates allows to manage more efficiently the project.The analysis shows that PF is more applicable in case of projects with tangible assets, and the main strength of this scheme is the clear separation between the cash flows of the SPV and the cash flows of the investors. On the contrary, PF is more expensive in terms of contractual and transactional costs. These aspects related to PF have fostered to develop a proposal model for the application of this financial scheme in the Municipality of Torino. In particular the project is based on the replacement of the traditional lamps of the traffic lights with new ones exploiting the innovative LED technology that is supposed to guarantee savings in terms of energy consumption and maintenance cost. The project has proved to be bankable and profitable if the Public Authority corresponds a fee that includes both the availability of the lamps and the maintenance costs for ten years. On the contrary the project is only bankable and profits are not guaranteed if the fee paid by the public is only associated with the availability. The findings have validated the applicability of PF even in case of projects without assets systems as collateral and with small-medium investments size. Some first general guidelines for the policy maker are provided in order to foster the development of SC initiative even in a period of financial public shortage. Project Finance, and more in general the PPP, can be the engine of an efficient exploitation of the potentiality offered by the SC.
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Sithole, Londa Leon Zinhle. "Using project bonds to fund South Africa's infrastructure development." Master's thesis, University of Cape Town, 2016. http://hdl.handle.net/11427/28985.
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The growing use of project bonds in funding infrastructure globally deserves attention. Although primarily dominated by the developed markets, emerging markets such as Latin America and Asia have also been successful in using project bonds to finance their infrastructure projects. The project bond market in South Africa remains insignificant, with only a few episodic issuances in the last decade. Given the size of the country's capital markets, institutional investor base and experience with project finance transactions; one would expect the country to have a sizeable project bond market. This paper aims to investigate whether or not South Africa has the capacity to use project bonds to fund its infrastructure development. As government finances take strain, and as bank funding becomes unavailable due to Basel III, South Africa will need to look to the capital markets for the funding of its ambitious infrastructure plan. This paper finds that South Africa should begin to use project bonds and capital markets to fund its infrastructure development. However, more needs to be done on the regulatory and legal side to ensure that the country continues to attract foreign investment for infrastructure development.
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Judy, Tracy Jay. "Net-present-value return on marketing investment model for Arrowhead Credit Union." CSUSB ScholarWorks, 2001. https://scholarworks.lib.csusb.edu/etd-project/1954.
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ABDOUSSI, Sarah. "Project Finance in the Energy FieldCase Study: A wind Power Project in a Moroccan-like environment." Thesis, KTH, Energisystemanalys, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-142824.
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Companies, governments and NGOs are involved in designing and planning the future energy landscape of countries. Engineers and scientists contribute highly to this planning through bringing innovative, efficient and reliable technical solutions. Their know-how is used during the project development, the EPC (Engineering, Procurement and Construction) phase as well as during the Operation and Maintenance stage. However, a successful energy plan depends on many other parameters such as the legal side, the political background of the country, the financing methods, the funding, the environmental aspects and the social acceptance. This Master Thesis Project focuses on the financing side of energy projects, which is a key point to properly manage competitive and viable projects. The strong link between the financing and the political background will be shortly commented throughout the report. In the first part of the report, the focus is put on the Project Finance. All along the report, the theoretical concepts will be illustrated with examples taken from the EDF EN projects, mainly in the Middle East and North African area. The second part deals with the risks associated to power projects. Commercial and political risks are listed and the main mitigation tools are explained. The third part of the report is dedicated to basic business models for energy projects. A simplified economical and financial model is described in detail and run for a wind farm project in a Moroccan-like environment. A sensitivity analysis (fourth part) concludes the report through analyzing: - the impact of technological choices on the internal return on investment will be studied - the impact of the financial parameters on the project structure.
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Awad, Ahmed M. "The interaction between project finance of a large-scale construction project and macroeconomic indicators and policies." Thesis, University of Nottingham, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.430322.
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Tang, Yin Chiu. "Optimal entry and exit strategies of an investment project : compound American options /." View Abstract or Full-Text, 2002. http://library.ust.hk/cgi/db/thesis.pl?MATH%202002%20TANG.
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Dobrovolný, David. "Veřejné finance a inovace." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-360258.
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This diploma thesis was aimed at analyzing the influence of tax incentives for the research and development on the tax duty of the taxpayers. Within the first section a term research and development was defined followed by the specification of possible forms of the tax incentives for the research and development. The calculation of the tax duty of the illustrative company which effected research and development activity (within two scenarios) was presented within the practial section. The illustrative company was constantly profitable in the first scenario and as such, it incurred higher savings from the application of the research and development tax deduction in comparison to the second scenario (where company incurred a tax loss in one taxable period). Based on the results, taxpayers who apply the research and development tax deduction may consider a tax optimisation in case they could possibly incur a tax loss.