The Infrastructure Finance Handbook. Principles, Practice and Experience. Martin Blaiklock
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1 The Infrastructure Finance Handbook Principles, Practice and Experience Martin Blaiklock E U R B O O M O O K N S E Y
2 Preface Acknowledgements About the author xiii xv xvii Part 1 Principles 1 1 What is infrastructure? 3 An historical perspective 5 Europe and the Rest of the World, excluding North America 6 North America 9 Public private partnerships: what are they? 10 The impact of the Financial Crisis on PPPs 12 Two anecdotes 13 Anecdote 1 13 Anecdote Available financial structures 15 The project Company 15 Funding structures: government guarantee structure 17 Economic measures 19 Financial measures 19 Politica! measures 19 Funding structures: corporate guarantee structure 19 Revenue analysis 20 Production analysis 20 Labour issues 21 Company development assessment 21 Financial evaluation 21 Project finance structures 22 Public private partnerships 26 Types of PPP 27 Balance sheet issues 30 Not for profit/public interest companies 32 3 Options for government: which structure to adopt? 33 Value for money: public versus private 38 4 Risk 49 What is risk? 49 The measurement of risk 50 Risk analysis: Identification and mitigation 52 v
3 Completion/construction risks 52 Site acquisition and access 54 Physical asset risk 54 Risks during Operations 55 Revenue risks 55 Operating cost risks 56 Technical risks 56 Environmental and social risks 57 Financial risks 58 Interest rate risks 59 Currency risks 61 Loan and Investor syndication 62 Taxation risks 63 Legal and political risks 64 Project insurance 64 Concluding remarks on risk 66 5 Sources of finance 67 Project funding: equity and debt 67 Equity: shareholder funds 67 Equity: types of shareholder 68 Private equity: infrastructure funds 69 Sovereign wealth funds 71 Equity: issues facing Investors 73 Debt 74 International development banks 75 A/B loans 76 National development banks 77 Export credits 78 Commercial bank loans 83 Bonds 86 Islamic finance 91 Leasing 95 Offsets 96 Mezzanine capital 96 6 Quantitative analysis 97 Measures used by investors 100 Payback period 100 Present values and internal rates of return 1 o 1 Measures used by lenders 102 Debt service cover ratio 102 Interest cover ratio 103 Coverage ratios 103 vi
4 Cash flow models: some practica! comments 105 A cash flow model 107 The contractual framework 1 13 Corporate identities and issues 1 13 Preliminary documents 1 14 Common terms agreement 1 14 Implementation agreement 115 Direct agreement 1 15 Public private partnership concession agreement 115 Construction contract 1 19 Preface 1 19 Contract specifics 120 Operations and maintenance contract 121 Supply contract 122 Sales contract 122 Preface 122 Payment structures 123 Tolling contract 124 Contracts for difference 124 Availability payment 125 Loan agreement 125 Intercreditor agreement 126 Shareholders agreement 126 The project engineer 127 The project process 129 Project/public private partnership unit 129 The project process structure 130 Business plan/project Information memorandum 130 Appendices 131 Financial advisor 131 Activities in the bid process 132 Procurement laws and infrastructure 132 Timetable and bid costs 133 Innovative proposals 134 Raising the funds 134 Mandate letter 134 Due diligence 135 Project monitoring 135 Practica and experience 137 Transport: roads and highways 141 vii
5 Summary: key features 141 Key risks 141 Highways 141 Experiences 143 South-East Asia 143 Mexico 143 UK 144 M6T0II, UK 145 Central Europe 146 Ml/Ml 5, Hungary 146 The availability payment mechanism 147 Alternative payment mechanisms 149 Availability versus cash tolls 150 Europe and the Financial Crisis 151 Motorway service areas 152 Urban roads and maintenance 152 Car parks 152 Street lighting Transport: bridges and tunnels 153 Summary: key features 153 Key risks 153 Experiences 154 UK 154 The Channel Tunnel/Eurotunnel 154 UK: Severn Bridge and Skye Bridge 156 UK: Second Tyne Tunnel 156 UK: Mersey Gateway 156 Miscellaneous bridges and tunnels 157 Europe 157 Australia Transport: rail 159 Summary: key features 159 Inter-city/high-speed rail 159 Rolling stock and vehicles 159 Key risks: inter-city/high-speed rail 159 Enhanced property values 162 Experiences 163 UK 163 Kenya/Uganda 163 France and the Netherlands 164 Key risks: rolling stock and vehicles 164 Vlll
6 Transport: metros, light rail/trams 165 Summary: key features 165 Metros, mass transit 165 Light rail/trams 165 Key risks: metros, mass transit 165 Experiences 166 London Underground PPP 166 Caracas Metro, Venezuela 166 The Gulf: Dubai Metro 167 Africa: South Africa and Nigeria 167 Key risks: light rail/trams 168 Experiences 168 UK: Croydon Tramlink 168 Busways: Colombia 168 Transport: ports 171 Summary: key features 171 Key risks 171 Experiences 173 Container ports 173 DCT Gdansk, Poland 173 US ports: political risks 173 Rotterdam World Gateway 173 General purpose ports 174 Oil/gas/mineral terminals 174 Cruise ship terminals 174 Naval and military 174 Port services: dredging, navigation, dry docks 174 Transport: airports 175 Summary: key features 175 Key risks 175 Experiences 176 European airports 176 Sparta Airport, Athens, Greece 177 Quito Airport, Ecuador 177 Medina Airport, Saudi Arabia 178 Air traffic control 178 Power generation: coal, oil and gas 181 Summary: key features 181 Market structures 181 Power generation types 182 Key risks: coal, oil and gas power generation 183 ix
7 Experiences 184 A typical emerging market independent power producer 184 Typical terms and conditions 184 General independent power producers 185 The Gulf 185 Jorf Lasfar, Morocco 186 ContourGiobal, Togo 186 Green Frog, UK 186 Pamir, Tajikistan Power generation: hydropower 189 Summary: key features 189 Key risks 189 Experiences 190 Bujagaii, Uganda 190 Boyabat, Turkey 191 Mini-hydro: Vez Svoghe, Bulgaria 192 Marine power Power generation: nuclear 193 Summary 193 Historical features 193 Key features 193 Future prospects Power generation: renewables - wind, solar, geothermal and biomass 197 Summary 197 The Kyoto Protocol 197 Clean development mechanism 197 Joint Implementation 199 International emissions trading 199 Key risks: renewable energy projects 199 Quota schemes or carbon credits 199 Revenue Support mechanisms 200 Feed in tariffs 200 Feed in tariff premium 201 Alternative Subvention methods 201 Technical risks 202 Summary 202 Wind power 202 Typical wind farm: emerging market 204 Solar power 204 Photovoltaic systems 204 Concentrated solar power 205 x
8 Solar power revenues 205 Typical European photovoltaic solar power project 206 Geothermal power 206 Experience 207 Olkaria, Kenya 207 Miscellaneous renewable energy projects 207 Rwanda 207 Mauritius: Central Thermique de Belle Vue 208 Birmingham BioPower 208 Biomass Oil, gas and power transmission and distribution 209 Summary: key features 209 Applications and experiences 209 Power transmission 209 Power and gas distribution 209 Oil/gas pipelines 210 Baku-Tbilisi-Ceyhan oil pipeline 210 Chad-Cameroon oil pipeline 210 Blue Stream gas pipeline, Russia-Turkey 211 World Bank negative pledge 211 Nord Stream, Russia-Germany gas pipeline via the Baltic Sea 212 Conclusion Water and waste management 215 Summary: key features 215 Water 215 Waste management 215 Applications and experiences 216 Water projects 216 Miscellaneous water treatment projects 216 Long-distance water pipeline, Jordan 217 Privatisation 217 Waste management projects Miscellaneous government services 223 Summary: general features 223 Schools and advanced education 224 Glasgow schools 224 Health and hospitals 225 UCL Hospital, London 225 Local improvement finance trust schemes 226 Government administration buildings 226 Housing 227 XI
9 Stadiums 228 IT projects 228 Prisons 228 Defence Comments and concluding thoughts 231 Source material 233 Glossary 235 Commonly-used acronyms 235 PPP concession types 235 The bid process (for PPP concessions) 236 PPP concessions 236 The project Company 236 Renewable energy 236 Commonly-used phrases 236 xii
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