Project Finance. This course can be presented in-house for you on a date of your choosing. The Banking and Corporate Finance Training Specialist

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1 Project Finance This course can be presented in-house for you on a date of your choosing The Banking and Corporate Finance Training Specialist

2 Course Objectives Participants Will: Develop your understanding of the difference between project finance and other corporate debt financing alternatives Apply a structured and systematic approach to assessing project finance transactions Use qualitative and quantitative tools and measures to distinguish the key risks (and mitigants) Learn about Course the Overview structure of financial statements within a financial project and the evaluation of the key drivers of financial performance Give you the knowledge of how projects are built and used to balance equity against debt Increase your knowledge of key motivations for stakeholders in a project Build a credit rationale in order to make and substantiate investment decisions Acquire the skills to highlight the key commercial aspects of documentation Background of the trainer The trainer has been teaching Credit Risk, Finance and Private & Wealth Management courses in Europe, Asia, North America and the Middle East, since Prior to becoming a financial trainer, his work experience included over 17 years in banking, namely with the Barclays Bank Group (10 years) and three other Portuguese international banks. The trainer is a Specialist Professor in Business Management/Financial Management (PhD equivalent) and holds an MMBA from Católica Porto Business School and a Master s in Business Management from ISAG European Business School. Course Content DAY 1 SESSION 1: Project Finance Definition Project Finance versus financing of a project Why project finance? History of Project Finance Limited-recourse and non-recourse finance SESSION 2: Risk Analysis Sponsors & Lenders Different risk/reward objectives of sponsors and lenders The players and their interests Characteristics of strong sponsors Ownership structure(s) Operational & financial resources: Their strategic importance Different types of debt senior/ subordinated/mezzanine Balancing equity and debt Design of project models Modelling best practice Developing an appropriate base case setting economic and technical Parameters Sensitivity analysis Choosing/calibrating sensitivities Calculating loan to value Simple practice/application

3 SESSION 3: Project Investment Criteria and Process Debt Service and Counterparty Risk Base case scenario and Under Stress Scenario(s) Assessing project's debt service capability through metrics: DSCR, LLCR, PLCR Financial counterparty risks: creditworthiness and structural features to mitigate risk Case Study I: Practical application, assessing debt service capability using cash flow forecasts and assessment of counterparty risks for a Group in the Food Retail sector Measures used by Investors: Payback Period, NPV, IRR Key ratios (with practical examples / case studies) Measures used by Lenders: Leverage, Debt service, Loan Life, Project or Reserve Life Cover Ratios and economic rationale Key ratios (with practical examples / case studies) SESSION 4: Project Risks Macro, Operational, Legal, Jurisdictional, Completion and Information Quality Macro Risks Country and political risks Macro economic risks Industry Risks: Sector outlook for established and developing industries Social-Environmental exposures Environmental / Regulatory Operational Risks Operator risks: Performance, reputation and financial position of the operators Supply/Resources risk: Quality and pricing of resources / products required for the project Technology risk: Obsolescence/economic life/remediation Costs: Timing and potential volatility of operating costs Revenue risk: Demand risk arising from multiple payers Liquidity risk: potential impact on cash available for timely debt service Early termination risk: Any event(s) which may lead to termination pre-maturely and lenders' step-in rights Legal and Jurisdictional Risks Licenses Concession agreement(s) Sales Contract(s) / Offtake Agreements Regulation(s) Legislation and Legal Framework Completion Risks Abandonment / Decommissioning Technology risk Contractor(s) quality and solidity Cost structure stability and control (budget vs actual) Delay risk and contract terms Information Quality Risks Clarity, transparency and timeliness of the information, internal and external technical reports

4 DAY 2 SESSION 5: Risk Management Framework The Equator Principles Origin and purpose of the equator principles Purpose and scope Best practice in sustainable lending Bank obligations Project classification under the equator principles Case Study II - Project financing of a power plant (Coal-fired power plant) General set-up of the project and documentation, EPC contracts, Merit order, PPA and market risk SESSION 6: Project Financing Documentation Funding Providers and types of funding Development banks, export credit agencies, bilateral funds, commercial lenders, capital markets, offset and barter Senior debt. hybrid and subordinated debt The term-sheet purpose, legal status, binding/non-binding aspects Term-sheet/documentation provisions Debt profile Conditions precedent Purpose clause Structural features Project vehicles and parties involved Segregating cash flows and de-linking from related parties Borrowing base mechanism Amount, term, amortization schedule, currency and interest rate and fees Collateral/security and assignment of credit/contract rights Rights of the controlling classes, inter-creditor issues Debt service covenants / Undertakings Reserve accounts, cash sweeps, profit distribution controls, control accounts/payment waterfall(s) Refinancing risk Representations and warranties Events of default Legal opinions SESSION 7: Project Finance The Process Key project contracts Role of advisers Financial advisers Technical advisers/consultants Legal counsel The financial feasibility study/debt structuring The information memorandum Debt underwriting/syndication Financial close Post-close monitoring SESSION 8: Project Finance Examples & Case Studies Oil and gas financing

5 Case Study III - Project financing Infrastructure Assets (Gas pipeline) Introduction to infrastructure projects Financing Infrastructure Assets ECA-Financing Power project finance Wind Mill(s) Farm(s) Case Study IV - Project financing of a renewable power plant (Offshore Wind Park) Introduction to Offshore Wind project Bankability Issues and Risk Assessment Renewable Energy vs. Conventional power/renewable Energy systems Water Damn(s) Infrastructure Project Finance Metro/Rail systems Toll-Highway and Bridge financing Water/desalination projects PPP/PFI Projects Hospitals Schools Prisons Housing Rationale for public to private projects Course Summary This course intends to equip participants with the expertise and the practical skills to understand, analyse, value and structure key aspects of a Project Finance. It will cover all stages of a project finance transaction through examples and case studies, but also through collaboration between fellow participants a deeper understanding of the underlying concepts and business dynamics.

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