In un periodo di risorse pubbliche scarse e bisogni collettivi complessi, le collaborazioni (o partenariati) pubblico-privato (PPP) rappresentano un’opzione preziosa per i decisori pubblici e una fonte di crescente interesse per gli studiosi. In tali collaborazioni, il privato viene coinvolto in scelte che, spesso, hanno un notevole impatto sugli interessi pubblici. Tuttavia, i fini istituzionali dei partner continueranno ad essere diversi e dunque a generare delle tensioni. In questo contesto, la ricerca di efficaci forme di accountability (rendicontazione in senso ampio, trasparenza) riveste grande importanza. I tre articoli della tesi dottorale si concentrano sulle PPP in ambito sanitario e socio-sanitario; si ricollegano al tema della valutazione, anche preventiva, delle PPP come strumento per rispondere adeguatamente ai bisogni pubblici. Il primo articolo rifinisce e allarga le attuali classificazioni delle possibili forme di governance delle PPP. Sul piano teorico, il lavoro mostra un’associazione tra alcune classiche determinanti dell’esternalizzazione dei servizi pubblici (misurabilità e contendibilità) e tratti come la forma giuridica, la natura dei partner, gli obiettivi strategici. Il secondo articolo approfondisce le caratteristiche contingenti dei PPP che possono orientare l’elaborazione di efficaci sistemi di performance measurement. Come contributo teorico, il lavoro presenta un modello per regolare il grado di disclosure economica della collaborazione nei confronti del pubblico e i trade off tra fattibilità e ricchezza della misurazione. Il terzo articolo approfondisce l’impatto delle PPP per il rinnovamento infrastrutturale e la gestione di servizi di supporto in ambito ospedaliero, focalizzandosi su alcuni aspetti non finanziari di valutazione: la coerenza delle caratteristiche quali-quantitative dell’infrastruttura con i desiderata aziendali (alla consegna e nel tempo); la flessibilità di adeguamento a potenziali cambiamenti nei bisogni epidemiologici; il contributo alla riduzione della complessità del cambiamento interno (organizzativo) ed esterno (stakeholder management). Sul piano teorico, l’articolo identifica le PPP come mezzo per conservare autonomia strategica a livello meso (regione) e micro (azienda), anche se gli impatti globali sono molto influenzati dalle economie di esperienza. / In times of resource scarcity and swift change in collective needs, public authorities are making increasing use of public - private partnerships (PPPs) to reshape day-by-day delivery of public services or to renovate infrastructure. In PPPs, the private partners become involved in government decision-making and program delivery; however, those partners maintain their own long-term institutional objectives, which naturally diverge from public ones. The three papers of the dissertation relate to the application of the accountability issue to PPPs, with different sub-themes, drawn from Forrer et al. (2010): characteristics and classification of the partnership; performance measurement and management; social and political impacts. The first paper aims to refine the governance taxonomy of PPPs focusing on public service provision. Considering the levels of service contestability and measurability, which were drawn from the literature on public service outsourcing, the study identified four clusters of partnerships. With each of these clusters, I associated some relevant governance features: legal form, institutional aim of the partners, and strategic goal of the PPP. Indeed, higher levels of measurability appear to be associated with contractual (non-organizational) forms of partnerships, whereas higher contestability with corporate forms involving for profit partners. The second paper draws on the consolidated literature on performance management and contingency theory to identify appropriate Key Performance Measures (KPM) for service-focused PPPs. The work provides a model drawing on the integration with the public system to regulate the degree of economic disclosure; while it draws on the degree of specialization to solve the trade-off between measurement feasibility and richness. The third paper focuses on the specific impact of a PPP-DBFO (Design, Build, Finance, Operate) operation on three non-financial issues: building’s compliance to public partner’s desiderata, infrastructure’s flexibility and project’s governance complexity. PPPs appear to help policymakers and managers to maintain the possibility of making strategic choices. If the public partner is experienced enough to cope with a laborious practice, the PPP can help to reach notable social and political achievements; however, costs remain higher compared to the public finance alternative.

published_or_final_version / Business Administration / Master / Master of Business Administration

Definition of project financing on real project of renewable energy source.

Intensificadas pelo processo de globalização, as transformações no direito internacional ganharam novo impulso ao longo do último século, sobretudo a partir de sua segunda metade. A criação e, em seguida, extensão das atividades das organizações internacionais fazem parte desse processo. No caso do Grupo Banco Mundial, nascido como uma única organização, esse processo tomou proporções extraordinárias, seja pelo seu desenvolvimento funcional, seja estrutural. Obviamente, mudanças de tais proporções causam impactos inevitáveis sobre o direito. Nesse trabalho, essas transformações são visualizadas através de um instrumento bastante peculiar: o financiamento de projetos (project finance). Importado da economia, essa mecânica de financiamento tem feições jurídicas ainda um tanto opacas. Quanto ao Banco Mundial, ele intervém nesse processo de inúmeras maneiras: através da concessão de empréstimos, garantias, até mesmo resolvendo conflitos. O desenvolvimento dessa gama de atividades inevitavelmente levou a adquirir competências de regulador que originalmente não possuía. / Globalization has intensified the transformations within International Law during the last century, especially its second half. The international organizations creation and, afterwards activities development are important parts of this process. Concerning the World Bank Group, which had been born as a single institution, this process took extraordinary proportions in both senses through its structural and functional development. Obviously, such changes cause inevitable impacts on law. Within this work, we approach these changes through a very peculiar instrument: project finance. Imported from economics, this mechanism has very uncertain legal features yet. Concerning the World Bank, it intervenes within this process in different ways: according loans, guarantees or even resolving conflicts. The development of this broad agenda inevitably gave it some regulatory powers it hadnt originally had.

Esta dissertação de mestrado visa analisar o regime jurídico do contrato de Engineering, Procurement and Construction (ou contrato de EPC), tomadas como premissas os princípios do modelo de financiamento de projetos (project finance), conforme utilizado no setor de infraestrutura e obras de grande porte. O trabalho parte do regime jurídico do contrato de empreitada do Código Civil de 2002, traçando um paralelo com as características principais do contrato de EPC e os interesses envolvidos em um projeto financiado com recurso limitado (limited recourse) ou sem recurso (no recourse) ao patrimônio dos patrocinadores, com o objetivo de verificar a adequação das normas da empreitada ao referido instituto ou a eventual necessidade de regramento específico sobre a matéria. / This master thesis aims at analyzing the legal framework on the Engineering, Procurement and Construction Agreement (EPC), based on the principles and rules of the project finance as applied to the construction and infrastructure areas. The present work sets forth the basis of the construction agreement (contrato de empreitada) as set forth in the Brazilian Civil Code, establishing a comparison with the main aspects of the EPC contract and the interests involved in a limited recourse or no recourse financed project with the objective of verifying the adequacy of the rules of the Brazilian construction agreement (contrato de empreitada) to the EPC contract or the need to create an specific legal framework for such agreement.

Background: Following the wave of privatisation and deregulation during the last decades, buyers of infrastructure constructions, such as dams, roads and telecommunication, have changed from states or public authorities to private companies. Private buyers do not always have the financial strength to arrange the financing for a project and providing a financial arrangement, for example by helping customers to obtain loans, has become a means to compete on the market. Purpose: The purpose of this thesis is to describe and analyse how Swedish companies arrange project finance for large-scale projects. Method: In order to gain knowledge of our area of investigation we searched for relevant literature and articles from magazines. Result: The result of this study has showed that three factors are of special importance when choosing a certain financial arrangement. These three factors are the region in which the project is located, duration of the project and its size measured in monetary terms. / Bakgrund: Privatiseringsvågen och avregleringarna de senaste decennierna har medfört att många köpare av infrastruktur, t.ex. dammar, vägar och telekommunikation, gått från att vara statligt ägda företag till att vara privata företag. Privata köpare har inte alltid möjligheten att ordna finansieringen av projektet. Således har det blivit en viktig del av säljarens erbjudande att kunna erbjuda köparen en finansiell lösning, t.ex. förmedling av lån. Syfte: Syftet med denna uppsats är att beskriva och analysera hur svenska företag organiserar finansieringen av storskaliga projekt. Resultat: Resultatet av denna studie pekar på att det är tre faktorer som är speciellt viktiga när det gäller hur man ska organisera en projektfinansiering. Dessa tre faktorer är regionen där projektet är lokaliserat, projektets löptid och dess storlek.

Electricity Liberalization Independent Power Plant Project Finance Electricity Pool Biletral Contract

The limitation of public funds available for infrastructure projects has induced governments to attract private entities to participate in long-term contracts for financing, constructing, and operating huge infrastructure projects through Public Private Partnerships (PPPs) to reduce debt, constrain taxation, and share financial risks and rewards between the public and private sectors. Because these projects have such complicated risk evolutions, diverse contractual forms for project members to hedge their risks are necessary. Hence, the Build-Operate-Transfer (BOT) model has been considered as a very popular type to accomplish PPPs with the characteristic of a shared-ownership. For the government to attract private sector?s participation, they have used incentive systems such as debt payment guarantee, Minimum Revenue Guarantee (MRG), or direct cash support. These incentive systems have been important critical success factors in BOT projects yet they have remained unfavorable in bidding process by failure of the traditional capital budgeting theory, Net Present Value (NPV) analysis, in evaluating the guarantee values. This is because NPV analysis can not reflect the guarantee agreements? contingent characteristic. For this reason, ?Real Option Concept? imported from ?Option Pricing Theory? in finance has been used as an effective way in estimating the guarantee value during the construction and operation of the project. However, there are still open issues in identifying, formulating, and calculating the guarantee agreements? contingency due to the complexity of option pricing theory and in considering the uncertainty of the underlying asset. Furthermore, in recent real option-related research that evaluate BOT investment projects, the volatility of rate of return in underlying asset (project value) is assumed to be just given or too simplified in its calculating process despite its significant impact on the guarantee value. The purpose of this research is to develop the binomial real option model to better evaluate the MRG value by complementing existing real option models without violating the option pricing theory. To do so, the developed model in this research is to formulate the MRG agreement as a put option, consider the uncertainty of the underlying asset, and use the more detailed level of volatility with a Monte Carlo simulation approach. To verify the applicability of the developed model, the model is applied to three different BOT project case studies, then, the results are compared with those by NPV analysis, Cheah and Liu (2006)?s real option model, and option pricing theory derived from Black-Scholes model. Finally, based upon the results and analyses, the developed real option model appears to provide a practical and theoretical framework to quantitatively evaluate the MRG agreement under the BOT scheme and help the government establish better BOT policies and help the developer make appropriate bidding strategies in its investment.

<p>Background: Following the wave of privatisation and deregulation during the last decades, buyers of infrastructure constructions, such as dams, roads and telecommunication, have changed from states or public authorities to private companies. Private buyers do not always have the financial strength to arrange the financing for a project and providing a financial arrangement, for example by helping customers to obtain loans, has become a means to compete on the market. </p><p>Purpose: The purpose of this thesis is to describe and analyse how Swedish companies arrange project finance for large-scale projects.</p><p>Method: In order to gain knowledge of our area of investigation we searched for relevant literature and articles from magazines. </p><p>Result: The result of this study has showed that three factors are of special importance when choosing a certain financial arrangement. These three factors are the region in which the project is located, duration of the project and its size measured in monetary terms.</p> / <p>Bakgrund: Privatiseringsvågen och avregleringarna de senaste decennierna har medfört att många köpare av infrastruktur, t.ex. dammar, vägar och telekommunikation, gått från att vara statligt ägda företag till att vara privata företag. Privata köpare har inte alltid möjligheten att ordna finansieringen av projektet. Således har det blivit en viktig del av säljarens erbjudande att kunna erbjuda köparen en finansiell lösning, t.ex. förmedling av lån. </p><p>Syfte: Syftet med denna uppsats är att beskriva och analysera hur svenska företag organiserar finansieringen av storskaliga projekt. </p><p>Resultat: Resultatet av denna studie pekar på att det är tre faktorer som är speciellt viktiga när det gäller hur man ska organisera en projektfinansiering. Dessa tre faktorer är regionen där projektet är lokaliserat, projektets löptid och dess storlek.</p>

Die Projektfinanzierung ist eine bewährte Finanzierungsform für Großprojekte im Sektor Erneuerbare Energie. Selbst in den Krisenjahren ab 2007 zeigen sich in der aggregierten Betrachtung kontinuierliche Zuwächse im Volumen von projektfinanzierten Finanzierungstransaktionen. Die vorliegende Arbeit ermittelt im Rahmen einer Literaturanalyse und zweier empirischer Untersuchungen die angesichts der Krise ab 2007 notwendig gewordenen Anpassungen in finanzierungstechnischen Parametern sowie der Struktur von Projektfinanzierungen. Die einleitende Literaturanalyse beschäftigt sich mit einer Betrachtung der Entwicklung der Projektfinanzierungsvolumina sowie einer Erläuterung der typischen Beteiligten dieser Finanzierungsform und stellt ausgewählte Finanzierungsinstrumente dar. Im Sinne einer Triangulation der Forschungsmethoden kommen im Anschluss empirische Analysen mit je einem quantitativen und einem qualitativen methodischen Zugang zur Durchführung. Eine Regressionsanalyse von rund 950 internationalen Kredittranchen aus dem Sektor Erneuerbare Energie der Jahre 2000-2011 schafft aktuelle deskriptive Evidenz zu den Auswirkungen der Finanz- und Wirtschaftskrise ab 2007 auf die Determinanten der Kreditmarge. Aufbauend auf die im Zuge der quantitativen Analyse gewonnenen Ergebnisse zeigt ein Case Study basierter Zugang im Rahmen von "cross-case" Analysen die spezifischen Erfolgsfaktoren und innovativen Ansätze in der Finanzierungsstruktur von 13 Großprojekten der Branche Erneuerbare Energie. Es zeigt sich, dass in der Finanz- und Wirtschaftskrise ab 2007 abgeschlossene Projekte beträchtlich höhere Margen aufweisen, tendenziell kürzere Laufzeiten haben und umfangreichere Sicherheiten erfordern, um zu einem Financial Close zu gelangen. Finanzierungsinstrumente wie Projektanleihen, Miniperm Loans oder Leasingtransaktionen sowie die Teilnahme von ECAs oder IFIs an der Finanzierung ermöglichen Projektabschlüsse. Veränderungen in der Risikoteilungsstruktur in Form von Produktivitätsgarantien oder die Besicherung über ein Projektportfolio stellen weitere Maßnahmen dar, um auch in Zeiten angespannter Wirtschaftslage projektfinanzierte Vorhaben realisieren zu können. (author's abstract)