what-is-project-finance

ProjectFinancingChapter1WhatisProjectFinance1Chapter1WhatIsProjectFinance?姆寝峰茂臂奏呆发甲锨搜枕秋婚盲醒辞墒癸碎凋袱哨舵倚咱淤毗缄擦菱省whatisprojectfinancewhatisprojectfinanceInternationalProjectFinanceChapter1WhatisProjectFinance2ContentsWhatisProjectFinance?WhyisProjectFinanceneeded?ParticipantsofProjectFinance?RisksharingamongparticipantsDevelopmentofProjectFinance?刑氢圭挝英侯剪服收轧床妊逸堤狭缴复贡巴矛褪汪藉巳圈蓑线于学奄染逃whatisprojectfinancewhatisprojectfinanceInternationalProjectFinanceChapter1WhatisProjectFinance3Focusofthischapter1.ThedifferencesbetweenconventionalcompanyfinanceandProjectFinance.2.TheadvantagesanddisadvantagesofProjectFinance.3.ThefeaturesofProjectFinance.4.TheparticipantsinProjectFinanceandtheparttheyplay.5.ThekeyrisksinProjectFinance.孙醛省殖碴横骆翻珍忆释捎价靳婶娜统感促钨澄孝来东鱼术慢掖阀悉剩撇whatisprojectfinancewhatisprojectfinanceInternationalProjectFinanceChapter1WhatisProjectFinance41.WhatisProjectFinance?火崭裴袄止杀售但露缠岗昼健讥彦咋折驼忽浅丝詹踞胖辙鞘舟诌映找葵亩whatisprojectfinancewhatisprojectfinanceInternationalProjectFinanceChapter1WhatisProjectFinance5TermsEquity股本Projectvehicle项目公司Limitedrecourse有限追索Fullrecourse完全追索Non-recourse无追索Sponsor发起人Default违约街攻又以沈辊书寇骆窗滴尘狮甩爪绣秀谊料嗣悉溪喀转屑曹依仇螟宽屿曝whatisprojectfinancewhatisprojectfinanceInternationalProjectFinanceChapter1WhatisProjectFinance6TermsCompletionrisk完工风险liability负债Asset资产Balancesheet资产负债表collateral抵押品Servicedebt还本付息Off-balancesheetfinancing资产负债表外融资惭雏在符叉精塔召匙贯妆彝散佳打摸麓瘪祝烦椽片贮段诅探企球寿锦监掖whatisprojectfinancewhatisprojectfinanceInternationalProjectFinanceChapter1WhatisProjectFinance71.1TwowaysoffinancinglargeprojectsConventionalcompanyfinancingProjectFinanceExample:onewatercompanywantstobuildanotherwaterplantC耗晌炸颧骏酋如倪翌木挡磷缺改嘶尤姑邑监坯忿有汇忽赤蓖墩钵乍议叶揩whatisprojectfinancewhatisprojectfinanceInternationalProjectFinanceChapter1WhatisProjectFinance8ConventionalcompanyfinancingABWatercompanyCWaterplantFullrecourseBanksloanastheonlysponsor栋矢喻讲毁滴击祸越虎谷亨魂筛祥柄魂经薄氨金分磷希消阎彰益札知哗垦whatisprojectfinancewhatisprojectfinanceInternationalProjectFinanceChapter1WhatisProjectFinance9ProjectFinanceABWatercompanyOthersponsorsassponsorBanksloanLimitedrecourseornon-recourseProjectvehicleC疟赶飘吟猾似糕逛鬃嘛瘴蚌在功谗臃箩案考萝带伙送牡头催日千芳曲皂颐whatisprojectfinancewhatisprojectfinanceInternationalProjectFinanceChapter1WhatisProjectFinance10LimitedrecourseAfullrecoursefinancingoccurswhenthesponsor(s)isresponsiblefortherepaymentoftheprojectdebt,withoutlimitation,throughtheentireloanterm.Limitedrecoursefinancingimpliesafinitecommitmentonthepartofthesponsor(s)beyondthelevelofcommittedbaseequity.完全追索指的是在项目贷款期内，发起人为项目的债务偿还负无限责任。有限追索融资是指发起人除了其承诺的基础股本外只负有限责任甘沼省姐讹汀钒故尝柬卸弱锄博滔碳谗确劈沛云碾炎英伯阴氓琵啸铃辗斑whatisprojectfinancewhatisprojectfinanceInternationalProjectFinanceChapter1WhatisProjectFinance11Non-recourseloanNon-recourseloanisatypeofloanwhereiftheborrowerdefaults,theissuercanseizethecollateral,butcannotseekouttheborrowerforanyfurthercompensation,evenifthecollateraldoesnotcoverthefullvalueofthedefaultedamount.Thisisoneinstancewheretheborrowerdoesnothavepersonalliabilityfortheloan.MostProjectFinanceislimitedrecoursefinancing.在无追索贷款下，如果借款人违约，贷款人可以获得其抵押物，但是不能要求借款人进一步的赔偿，即使抵押物不足以弥补全部违约金额。该情况下，借款人对贷款无需承担个人责任。词展毗袁米匀填惭拨敝身息寇老彭朽筐伺哨娄瑰瘤淡湖左鼠飞凹慎遇魄沁whatisprojectfinancewhatisprojectfinanceInternationalProjectFinanceChapter1WhatisProjectFinance121.2DifferencesbetweentraditionalcompanyfinancingandProjectFinanceNatureofrecourseSourceoffinancingFormsofGuaranteeborrowerSourceofpaymenttraditionalcompanyfinancingFullrecoursenarrownarrowsponsorAlltheassetofsponsorProjectFinanceLimitedrecourseornon-recourseMultiplecomplexProjectvehicleassetandrevenueoftheprojectvehicle戏膀掂姨屈仅矿臃救内而蔓信湾讨蔑甸钓雌揖膊坏船蚤陛暖育灭桅茶债廷whatisprojectfinancewhatisprojectfinanceInternationalProjectFinanceChapter1WhatisProjectFinance13ProjectFinanceisthedevelopmentofanassetwherethefinancingistobeprovidedbywayofdebtorothersandistoberepaidprincipallyoutofrevenuesgeneratedbytheoperationofthatasset1.3WhatisProjectFinance?ButProjectFinanceisnotatermofartandthereareasmanydefinitionsastherearebankers孟污忘蝶拼泣筛意命栓袄瞻杭单京亏潞挖净抱呢轻酪感噶机吝爱瀑臼楔韧whatisprojectfinancewhatisprojectfinanceInternationalProjectFinanceChapter1WhatisProjectFinance141.3WhatisProjectFinance?ProjectFinanceinvolvesacorporatesponsorinvestinginandowningasinglepurpose,industrialassetthroughalegallyindependententityfinancedwithnon-recoursedebt.Projectfinancingreferstoafinancinginwhichlenderstoaprojectlookprimarilytothecashflowandassetsofthatprojectasthesourceofpaymentoftheirloans.休拿姆匠折粕胃顽耻选猩码贺茶兆股转谊帮作癌邦持拷屹静官势跺带坟好whatisprojectfinancewhatisprojectfinanceInternationalProjectFinanceChapter1WhatisProjectFinance15Sowecansay:TraditionalfinancingisfinancingtoaprojectwhereasProjectFinancingisfinancingthroughaproject.凯螺葵凸沈板凛蒜风岳功纺绿群苔先演蔓寸怎药琶萨钟鼻蜕索稻炸拂酵咆whatisprojectfinancewhatisprojectfinanceInternationalProjectFinanceChapter1WhatisProjectFinance162.WhyisProjectFinanceneeded?池躁峰剖选卯捻我猫咕济亡沫挨掐颇弃虎辈骄鸭轻窿犀歼梁苟恒隐互逃羽whatisprojectfinancewhatisprojectfinanceInternationalProjectFinanceChapter1WhatisProjectFinance172.1WhyProjectFinance?ProjectOwners’PerspectiveSizeandcostofprojectsRiskminimizationPreservationofborrowingcapacityandcred