PROJECT FINANCE GLOSSARY
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1 API Gravity Availability Barrel Barrel of oil equivalent Barter Base load plant Berne Union Bid Bond BOT BPCD BTU Bullion Buyer Credit Capacity charge A measure of density of Crude Oil or other liquid hydrocarbons, as measured by a system recommended by the American Petroleum Institute (API), measured by degrees. The lower the API gravity, the heavier the compound. For a power station the technical capacity of the plant less the time when the plant is expected to be shut for maintenance. Measured as a percentage of the technical capacity of the plant 42 US gallons 1 Barrel of crude oil = 5800 cubic feet of gas or 6,400,000 BTU. Amounts will vary according to energy content. The sale of goods for goods, rather than cash or deferred payment terms A power plant that forms part of the core electrical energy requirements in a country The agreement governing the terms and conditions relating to finance and financial support provided by Export Credit Agencies that are signatories to the Berne Union. A bond (guarantee) issued when submitting a construction contract bid, which can be claimed on if the bidder fails to comply with the terms of their bid Build Operate Transfer. A scheme where a private sector operator is awarded a concession to build, operate and transfer a facility for a specified period. At the end of the period the facility is typically returned to the host government. Variations on BOT / BOOT schemes include BLT schemes (Build Lease Transfer) Barrels per calendar day British Thermal Units, the quantity of heat required to raise the temperature of one pound of water by one degree Fahrenheit Gold or silver in bars or ingots A credit facility granted by a group of banks to a buyer of capital equipment and guaranteed by an Export Credit Agency A charge for making available a specified physical plant. Usually structured to cover the cost of the asset, and maintenance / operation charges. May also include a charge to reflect debt servicing costs, exchange rate fluctuations and a return on the equity investment for the relevant project
2 CCGT CFADS CFD Co financing Co generation Coke or Fuel Coke Concession Contingency Covenant Debt service Debt service coverage Downstream activities DSCR ECA Efficiency ratio Energy charge EPC Combined Cycle Gas Turbine Cash flow available for Debt Service Contract for difference. Used in a number of UK Independent Power Station project financings. A contract where a third party agrees to pay (or receives) the difference between an agreed price for the purchase of a specified product and the market price at the time of calculation. As such works on the same principles as an interest rate swap A financing involving commercial and development banks A power plant that produces both electrical power and steam. As such more efficient in its use of energy than a single cycle power plant The solid bi product of an oil refining process The right to operate a physical plant or system for a specified period on pre-specified terms and conditions An amount set aside to meet costs in excess of the anticipated budget for a project An undertaking to do or not do a specified action. Can relate to either financial or operational issues The cost of meeting principal and interest costs The ratio between Cashflow Available for Debt Service and Debt Service In an oil and gas project, the activities other than the core exploration and production facilities. An example would be oil refining Debt Service Coverage ratio (see Debt Service Coverage) Export Credit Agency. An organisation established to support exports of goods and services from the country concerned. This can be a mixture of insurance of export receivables, guarantees or insurance of debt incurred in support of the exports, or, in the case of some Export Credit Agencies, a direct loan in support of the exports In a power station, the ratio between energy produced and the energy needed to produce it In a power station project, the charge for the energy consumed in producing the energy output Engineering & Procurement Contract
3 Escrow account Finance lease Force majeure Gearing Heat rate Heavy Crude Oil A trust account, typically to hold monies on trust for the project lenders. Released on the occurrence of certain events, such as foreign currency transfer restrictions, or to meet specified payments in relation to the project A lease where the rental payments over the lease term effectively transfer the risk of owning the asset leased to the lessee (user) Acts or events which are beyond the control of the parties concerned and which has a material adverse effect on the ability of a party to perform its obligations. A possible example would be extreme climatic conditions such as a hurricane The ratio between debt and equity A measure of the conversion of energy into electrical input Crude Oil with an API Gravity of less than 21 degrees Interconnection charge IPP Kwh Leaching Letter of Credit Light Crude Oil Liquidated damages LNG Loan Life Coverage ratio LPG Merchant plant A charge for use of connection facilities to a third party s facilities, such as a telephone connection Independent Power Plant Kilowatt hours the total energy generated by one kilowatt (1000 watts) in an hour Extraction of a precious metal from an ore by dissolving it in a cyanide solution An undertaking by a bank to make payment to the beneficiary of the Letter of Credit, provided the terms of the Letter are fully satisfied Crude Oil with a specific gravity in excess of 28 degrees Damages paid for delay under a construction contract, based on a preestimate of costs as a result of delay. Liquefied Natural Gas. Produced through a process of liquefaction which compresses the gas into a liquid form The ratio between the Net Present Value of the forecast project cashflows over the life of the loan, and the amount of the loan Liquefied Petroleum Gas A power plant which does not have the benefit of long term sales agreements, and therefore operates in the spot market
4 Metre Metric ton MMCFD Mwh NPV O & M Offtake agreement Open pit Ore grade Pass-through Peaking plant Performance bond PFI PPA PPP Rule 144a Sinking Fund 3.28 feet 1000 kilograms = approximately 2205 pounds Millions of cubic feet per day Megawatt hours the total energy generated by one megawatt (one million watts) in one hour Net Present Value. The value of projected inflows and outflows in today s terms Operations & maintenance An agreement for the purchase of a project s output A mining property, where the ore containing the commodity to be produced is close to the surface The ratio between the commodity being mined and the quantity of material that has to be mined to produce it e.g. 7 grammes per tonne Costs that can be passed through to the purchaser of a project s output A power plant that is likely to be used only at peak hours of consumption A bond (guarantee) issued by a financial institution on behalf of a supplier or contractor that provides for payment to the beneficiary if they claim that the supplier / contractor has failed to perform specified obligations Private Finance Initiative. The UK equivalent of PPP Power Purchase Agreement Public Private Partnership. A service contract, covered by a concession, to provide services to a public sector organisation (such as roads, hospitals, water treatment facilities) in which the concession is granted to a private sector company. This normally involves constructing the facility and then providing operating and maintenance services for the lifetime of the concession. At the end of the concession the assets revert back to the public sector entity A section of the US Securities Act which permits the distribution of securities to Qualified Institutional Buyers without a public listing An amount of money put aside to meet certain costs incurred in respect of a project. An example would be a sinking fund set up for the maintenance of a hotel
5 Subordinated debt Supplier Credit Supranational Take or pay Tariff agreement Tax holiday Throughput agreement Tolling Higher risk debt where the holder of the debt agrees to accept a lower ranking claim on the Borrower s assets and cashflow in return for a higher rate of interest A financing guaranteed, insured or provided by an ECA to a supplier in support of the delivery of specified Capital goods. Financing would be provided on a non recourse basis to the supplier An institution with shareholders from a range of countries. Examples would be the World Bank and the IMF The purchaser under a contract is obliged to take the product it has committed to purchase (and pay) or pay for it An agreement set out the pricing terms applicable to the purchase of a specified product and/or service An arrangement which provides for relief from tax payments over a specified period An agreement for the delivery and payment of a specified product. Typically used in oil and gas financings Processing of a raw material with repayment for the raw material coming from the sale of the processed material e.g. alumina being processed into aluminium Turnkey contract A construction contract providing for the construction of specified facilities without the scope for requiring increases in prices if costs increase Upstream activities WACC The assets used in the exploration and development of oil and gas resources Weighted Average Cost of Capital the weighted after tax cost of debt plus the weighted cost of equity
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