FINANCING ENERGY PROJECTS IN DEVELOPING COUNTRIES
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1 FINANCING ENERGY PROJECTS IN DEVELOPING COUNTRIES HOSSEIN RAZAVI, PHD
2 CONTENTS List of Executive Overviews Summaries Figures Tables Preface Acknowledgments Abbreviations and Acronyms Units and Conversion Factors Oil Gas Electricity xv xv xvii xix xxi xxiii xxv xxxiii xxxiv xxxiv xxxv PART I: THE SETTING l 1 FUNDAMENTALS OF PROJECT FINANCING 3 Recourse and Nonrecourse Financing 5 Mobilizing Equity and Debt Finance 7 External Sources of Funds 12 Project Risks 16 2 CHALLENGES OF PROJECT FINANCING IN DEVELOPING COUNTRIES...19 The Differences in Business Environments 21 Mitigating Risks 24
3 Vi FINANCING ENERGY PROJECTS IN DEVELOPING COUNTRIES PART II: GETTING TO KNOW THE FINANCIERS 27 3 SOURCES OF FINANCING 29 Financing Oil Projects 31 Financing Power Projects 34 Financing Natural Gas Projects 38 Sources of Funds 39 4 ACCESSING SUPPORT FROM GLOBAL MULTILATERAL INSTITUTIONS 43 The International Monetary Fund (IMF) 46 The International Bank for Reconstruction and Development (IBRD) 48 How a loan is processed 54 The World Bank's guarantee instrument 5 Where does the World Bank obtain itsjunds? International Development Association (IDA) 61 The International Finance Corporation (IFC) 64 Multilateral Investment Guarantee Agency (MIGA) 69 Energy Sector Management Assistance Programme (ESMAP) 71 The Global Environment Facility (GEF) 74 The Carbon Finance Facility 77 5 BORROWING FROM REGIONAL DEVELOPMENT BANKS 81 The Inter-American Development Bank (IDB) 82 The Asian Development Bank (ADB) 86 The African Development Bank (AfDB) 89
4 CONTENTS vii The European Union (EU) 91 The European Investment Bank (EIB) 93 The European Bank for Reconstruction and Development (EBRD) 95 The Nordic Finance Group 97 The Islamic Development Bank 98 The OPEC Fund for International Development 101 The Arab Fund for Economic and Social Development 101 The Arab Bank for Economic Development in Africa (BADEA) BILATERAL SOURCES OF FINANCING 105 Development Assistance 106 Export Financing 108 Insurance and Guarantees 112 United States J. 114 Japan 118 United Kingdom 120 France 122 Germany 123 Netherlands 125 Italy 126 Canada 126 Sweden 127 Norway 1 27 Denmark 128 Switzerland 129 Kuwait 129
5 Viii FINANCING ENERGY PROJECTS IN DEVELOPING COUNTRIES Saudi Arabia 1 30 Korea 131 China ACCESSING COMMERCIAL FUNDS 137 Domestic Funds 139 International Commercial Sources 145 International Bond Markets 150 International Equity Markets 155 Specialized Energy Funds 157 Financial Contributions from Project Beneficiaries 160 Rating Agencies 160 The role of the rating agencies 160 Interpretation of ratings 164 PART HI: DESIGNING AN ACCEPTABLE PROJECT PACKAGE ANALYZING THE BUSINESS ENVIRONMENT 171 The Project 171 Host Country's Business Environment 177 The political system 178 Economic conditions 179 The energy sector : 181 The relevant subsectors 183 International Business Environment 184 World oil markets and international energy prices 186 Sources of capital equipment 187 Sources and costs ofjinance 188
6 CONTENTS ix The Use of Risk Mitigation Instruments 188 Sources of Information for Preparation of Energy Projects 198 Country information 198 Country energy demand and supply 200 Global energy outlook ESTABLISHING ECONOMIC AND FINANCIAL VIABILITY 205 Economic versus Financial Analysis 206 Incremental versus total costs and benefits 208 Methods and ratios 208 Upstream Oil Projects 212 Pricing of crude oil 214 The relevance of net back value 215 Size of oil reserves 219 Other issues 219 Upstream Gas Projects 220 Gas pricing 221 Economic framework for gas pricing 223 The relevance of net back value 224 The relevance of the depletion premium 227 Other issues 229 GasT&D 231 Separate versus intertwined facilities 231 Ownership versus carrierfunction 231 Calculation of economic rate.of return 232 Petroleum Refining 2 34 The relevant crude oil price 236 The relevant product prices 236 Other issues 237
7 FINANCING ENERGY PROJECTS IN DEVELOPING COUNTRIES Power Generation 237 The relevance of average levelized cost 239 Calculation of IRR 242 Power T&D STRUCTURING THE FINANCING PACKAGE 247 Determining the Ownership Structure 249 Types of ownership structure 249 Identifying Sources of Finance 254 Assume a flexible ownership structure 255 Examine the government interest 255 Assess the receptivitiy of the multilaterals 255 Approach the bilaterals 255 Ask equipment suppliers to mobilize finance 256 Use the IFC or regional development banks to mobilize commercial funds 256 Review the availability of specialized energy funds 257 Survey domestic investors and lenders 257 Preparing the Security Package 258 Identify sources of applicable guarantees 259 Evaluate options for mitigation of political risks 259 Investigate options for mitigation of commercial risks 260 BOT Schemes 263 Selecting Private Power Producers 268 Examples of Financing Structures 271 Financing upstream oil and gas projects 272 Financing petroleum refining projects 284
8 CONTENTS xi 11 ENVIRONMENTAL AND SOCIAL CONCERNS 309 The Overall Framework of the EA 314 The Environmental Impacts of Energy Projects 316 Oil and gas development 316 Oil and gas pipelines 317 Petroleum refining ". 320 Thermal power projects 322 Hydroelectric power projects 324 Power transmission projects 326 Environmental Standards 328 Oil and gas development 329 Oil and gas pipelines 333 Refineries 334 Power projects 334 General requirements for oil, gas, and power projects 338 APPENDIX A: THE COORDINATES FOR FINANCE AND GUARANTEE AGENCIES 343 Multilateral Cofinanciers 343 Bilateral Cofinanciers 347 Australia 347 Austria 348 Belgium 348 Canada 349 Czech Republic 350 Denmark 350 Finland 351 France 351
9 Xii FINANCING ENERGY PROJECTS IN DEVELOPING COUNTRIES Germany 352 Greece 352 Hungary 353 Iceland 353 Ireland 354 Italy 354 Japan 355 Kuwait 356 Luxembourg 356 Netherlands 357 New Zealand 357 Norway 358 Poland 359 Portugal 360 Saudia Arabia 360 Slovak Republic 360 South Korea 361 Spain 362 Sweden 362 Switzerland 363 Turkey 364 United Arab Emirates 365 United Kingdom 365 United States 366 Prominent Commercial Financiers 367
10 CONTENTS xiii APPENDIX B: GUIDELINES FOR THE PREPARATION OF ENVIRONMENTAL ASSESSMENTS 373 Outline of an EA 373 Executive summary 374 Introduction 374 Legislative, regulatory, and policy considerations 375 Description of the proposed project 375 Description of the baseline environment 376 Potential impacts of the proposed project 377 Analysis of alternatives 378 Environmental management and mitigation plan 379 Monitoring plan 379 Coordination with government agencies, affected communities, and NGOs 380 References 381 Template for Mitigation Measures and Monitoring of Thermal Power Projects 381 GLOSSARY 387 BIBLIOGRAPHY! 413 INDEX ' 421
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