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1	Investigating Pre-Financial Close Risks Associated with Communal Land Ownership Rights in Onshore Wind Energy Development in South Africa Mokone, Bothokgami 16 February 2021 (has links) There are challenges to be addressed if South Africa is to reach its full potential in exploiting wind energy resources. One of such challenges is communal land ownership, which is used for the development of wind energy in rural areas. Often, communal lands have no formal land structures, ownership or title deeds to support the individuals and communities that claim possession thereof. This challenge of communal land ownership and the associated risks impact upon investments by independent power producers in wind energy infrastructure. Land in South Africa remains a highly sensitive issue given the historical injustice of land dispossession which became the source of poverty and inequality. Moreover, transitioning to renewable energy sources would add more pressure on land scarcity. Commercial wind energy projects are capital intensive, with high annual turnovers. Achieving financial close is a risk mitigation strategy that confirms that early-stage contractual agreements have been reached in the development stage of a wind project lifecycle. Therefore, risk identification and allocation are fundamental to ensuring that the structuring and contractual obligations of non-recourse project financing are met. Wind energy plants require significant stretches of land, and this is progressing at an industrial scale and often, onshore wind energy projects are located in rural areas, thereby impacting local communities. Land ownership rights are a key element for communities, in which renewable energy development takes place. Households living on communal land, of which the right to use land is vested in individual households, are situated on such lands. This study uses the theory of risk management to investigate pre-financial close risks in developing wind energy associated with communal land ownership rights and the extent to which those risks inhibit wind energy projects from reaching financial close in South Africa. An exploratory research design was applied, while a questionnaire survey was used to collect data from wind developers. The study identified the pre-financial close risks associated with communal land to be technical, legal, economic, social and political risks. Indeed, there is a lack of clear, long-term policy framework to support investments in clean energy infrastructure. This causes significant delays to wind energy project development and it negatively affects financial close. In addition, there are competing interests among multiple stakeholders, leading to the burdensome processes involved in securing leasehold agreements on communal land. As a result, projects which were initially proposed on communal land, have not always reach financial close as planned while others were stopped. The results show that risk mitigation tools could include effective and continuous stakeholder management which is critical to reaching financial close. Furthermore, the Department of Rural Development and Land Reform has not established a streamlined process that developers can follow to secure communal land leasehold rights, given that the process is time-consuming. Communal land Wind energy Financial close Risk management South Africa
2	銀行聯合貸款業務之經營模式與策略研究-以台灣聯貸市場為例 / The Study of Banking Business Model and Strategy about Syndicated Loan Product – in Taiwan Syndication Market 葉美華, Yeh, Mei-Hua Unknown Date (has links) 政府在1990年開放新銀行申請設立、1991年共核准通過15家新銀行籌設，國內銀行自此即進入百家爭鳴的時代，各家銀行惡性競爭的結果，除了利差不斷降低外，授信品質亦不斷惡化，各銀行資本報酬率直直落，為求生存，遂絞盡腦汁不斷推出各種新型商品以促進客戶擴大信用；聯合貸款業務亦不例外，各銀行有鑑於傳統企業授信漸不能達到應有績效之際，紛紛著重於聯貸業務，於是業務競爭日趨白熱化，如何設計符合貸款企業期望的授信方案，是各銀行贏得聯合授信主辦權的重要課題。因此，企業如何選擇聯合貸款主辦行之影響因素，是各銀行放款經理人亟盼了解的經營知識，而根據這些關鍵影響因素，各銀行為爭取主辦權所擬定的各項經營模式與策略，即是足以決定聯合貸款業務在各銀行未來之發展情形與定位，甚而決定其在聯貸市場所扮演之角色與市場佔有率。有鑑於此，本研究主要以銀行端的角色來探討各銀行針對聯合貸款業務所為之相關措施及其後續之影響結果，並針對國內主要聯貸銀行做個案分析，以了解各銀行所採取的策略及經營方針。聯貸統籌主辦參貸行銀行主辦行管理行倫敦銀行同業拆放市場承銷委任書聯合授信說明書動撥先決條件分銷代銷部份承銷簽約加碼違約事項邀請函聯貸額度截止法律意見書市場訪問交叉違約多數銀行動撥加速條款重大不利變化分離條款先付費用 syndication bookrunner paticipant bank arranger agent LIBOR underwriting mandate information memorandum conditions precedent distribution best effort partly underwritten signing margin dfault events invitation letter financial close legal opinion market sounding cross default majority banks drawdown acceleration clauses material adverse change severability front-end fees

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Investigating Pre-Financial Close Risks Associated with Communal Land Ownership Rights in Onshore Wind Energy Development in South Africa

銀行聯合貸款業務之經營模式與策略研究-以台灣聯貸市場為例 / The Study of Banking Business Model and Strategy about Syndicated Loan Product – in Taiwan Syndication Market