Hace algunos meses recibimos con especial satisfacción un ejemplar de la edición de aniversario de ius et veritas que incluía un artículo de su Grupo de Investigación sobre un tema que nos resulta de particular interés, el financiamiento de grandes emprendimientos a través del mecanismo de Project Finance. Dicho artículo, titulado “Innovando los Financiamientos de Proyectos - una aproximación al Project Finance” constituye una de las primeras publicaciones en Perú sobre tan complejo mecanismo de financiamiento, de modo que es un gusto haber sido invitado por el Consejo Directivo de la revista para comentar el mencionado artículo.

First,we discussed the profile of global project finance,including definition,model,and structure of project finance.Second,we discussed the situation on power plant industry.Third,we compare the difference of highway and power plant.We used a lot tables and charts on our essay.Fianlly,we consider that power plant should be suitable on project finance.And Boo is the better development model.

M.Phil. / The provision of adequate infrastructure and the economic growth of a country's highly interrelated population growth and rapid urbanization has placed enormous pressure on existing infrastructure. The provision of new and maintenance of existing infrastructure presents a challenge to the government. In South Africa infrastructure expenditure were generally funded directly from the country's fiscal budgets. Macroeconomic instability and growing investment requirements have shown that public financing is too volatile and rarely meets crucial infrastructure expenditure requirements in a timely and adequate manner. On the other hand, private sector organisations have a larger pool of sources from which to seek funding, equity investors, capital markets, banks etc., this can be from local to international markets. Therefore, private sector involvement in infrastructure provision has been widely used as a preferred method of financing these projects. The South African government can no longer carry the financial burden in it's fiscal policy to finance all the infrastructure projects needed in this country, and it is also up to the private sector to seek funding for projects that will be economical strong enough to service its own debt. Research objectivesobjectives of this study are to give a background of project financing by addressing the risks involved, finance structures, funding alternatives and strategies.

With recent developments in the field of renewable power, it seems that we are ready to make a leap from wishing for a sustainable energy source to actually developing systems within the current political-economic framework to develop Solar Energy as a viable renewable energy source. In this thesis, I plan to study the path of development from concept to operations of a typical utility grade solar power plant, applying knowledge and experience of Engineering-Management developed over the course of my professional career. Project finance thrives on the ability of the Company to eliminate exposures to risks as much as possible. Risks associated with project finance exist in the implementation, construction and operational phase, with the various stakeholders liable for the various elements. In essence, the basis of project finance is management of risk and its assignment to appropriate stakeholder in order to avoid incurring liability, through contractual agreements. / text

Companies, governments and NGOs are involved in designing and planning the future energy landscape of countries. Engineers and scientists contribute highly to this planning through bringing innovative, efficient and reliable technical solutions. Their know-how is used during the project development, the EPC (Engineering, Procurement and Construction) phase as well as during the Operation and Maintenance stage. However, a successful energy plan depends on many other parameters such as the legal side, the political background of the country, the financing methods, the funding, the environmental aspects and the social acceptance. This Master Thesis Project focuses on the financing side of energy projects, which is a key point to properly manage competitive and viable projects. The strong link between the financing and the political background will be shortly commented throughout the report. In the first part of the report, the focus is put on the Project Finance. All along the report, the theoretical concepts will be illustrated with examples taken from the EDF EN projects, mainly in the Middle East and North African area. The second part deals with the risks associated to power projects. Commercial and political risks are listed and the main mitigation tools are explained. The third part of the report is dedicated to basic business models for energy projects. A simplified economical and financial model is described in detail and run for a wind farm project in a Moroccan-like environment. A sensitivity analysis (fourth part) concludes the report through analyzing: - the impact of technological choices on the internal return on investment will be studied - the impact of the financial parameters on the project structure.

Thesis (M.B.A.)--University of Hong Kong, 1998. / Includes bibliographical references (leaf 75-76).

A presente dissertação se propõe à qualificação do conjunto de contratos celebrados em financiamentos organizados sob a modalidade project finance como verdadeira coligação contratual, apresentando determinadas consequências jurídicas daí decorrentes, bem como sublinhando a correlação positiva entre tal compreensão e o estabelecimento de um panorama institucional adequado, que contribua para o desenvolvimento econômico. Ocupa posição nuclear no estudo o reconhecimento de que os negócios jurídicos concluídos no âmbito de tais programas de financiamento consistem, de fato, em instrumentos aptos a operacionalizar um arranjo de alocação de riscos que reflita a racionalidade econômico-financeira do projeto, garantindo, assim, sua viabilidade. Portanto, muito embora conservem sua autonomia estrutural e desempenhem, cada um deles, sua função econômico-social individual, contribuem, simultaneamente, para a realização de um fim concreto ulterior - operação econômica subjacente -, que coincide com o desenvolvimento e operação do empreendimento financiado. Pretende-se, igualmente, oferecer subsídios para que aqueles que sejam chamados a decidir sobre questões versando a temática abordada o façam de forma crítica e coerente, sem descuidar das motivações, econômicas e jurídicas, que subjazem ao project finance. / This thesis aims to qualify the nexus of contracts entered into in project financings as connected contracts, presenting certain legal effects which hence arise, as well as highlighting the positive correlation between such qualification and the establishment of an adequate institutional framework that contributes to economic development. It is fundamental to the study the acknowledgment that contracts entered into in such financings are, in fact, mechanisms that allow for the operationalization of a given risk allocation structure which, in turn, reflects the project\'s economic and financial rationale, therefore assuring its bankability. Accordingly, even though each contract conserves its structural autonomy and plays its own economic and social function, they all simultaneously contribute towards the achievement of a further concrete goal - an underlying economic transaction -, identified with the development and operation of the financed venture. Nonetheless, it intends to offer subsidies so that those called upon to decide issues related to the subject can fulfill their duties in an argumentative and coherent manner, without neglecting project finance\'s underlying economic and legal motivations.

Made available in DSpace on 2016-03-15T19:32:54Z (GMT). No. of bitstreams: 1 Michele Cristina Damascenoprot.pdf: 897011 bytes, checksum: 0acf261216bde1bfcca0b4b558dcd1c8 (MD5) Previous issue date: 2015-07-31 / In recent years we have witnessed an economic boom in the country through the expansion of its infrastructure covering roads, railways, ports, sanitation and energy. Through much of government concessions of infrastructure projects passed to the private sector, leaving private companies to construction, expansion, maintenance and / or operation of such enterprises. To make them feasible, companies had to make large investments and it resorted to financing from banks and investment funds. Such loans were only viable through the Project Finance modality, a financial engineering that divides risks among the sponsors of large projects. Thus, the research objective was to raise the main risks of financing the Project Finance modality in infrastructure projects in Brazil, not only those known and used in analysis models, but those that have been presented beyond the molds. To develop this study interviews were conducted with Caixa executives, literature review and questionnaire distributed to analysts who work in the market. Through the results we can infer that the risks go far beyond the existing listed in the bibliography. You can not treat a Project Finance as a commercial credit line with a list of pre-established premises where once were all fulfilled ensure the success of the financing. Such assumptions are conditions without which a Project Finance would not be granted, but by no means exhausted its risks, and market professionals should develop a critical sense more accurate, should look more carefully the conditions behind the premises. Thus, it is believed that the Project Finance funding model, respecting the risks found, can be used intensively for funders in order to continue providing development conditions to the national infrastructure. / Nos últimos anos temos testemunhado um crescimento econômico no país através da ampliação de sua infraestrutura que abrange rodovias, ferrovias, portos, saneamento e energia. Por meio das concessões do governo grande parte dos projetos de infraestrutura passaram para o âmbito privado, cabendo as empresas privadas a construção, ampliação, manutenção e/ou operação de tais empreendimentos. Para viabilizá-los as empresas precisaram fazer investimentos de grande porte e para isso recorreram a financiamentos junto a bancos e fundos de investimentos. Tais financiamentos só foram viáveis por meio da modalidade Project Finance, uma engenharia financeira que permite dividir os riscos entre os patrocinadores de projetos de grande porte. Assim, o objetivo da pesquisa foi levantar os principais riscos de um financiamento na modalidade Project Finance em projetos de infraestrutura no Brasil, não somente aqueles já conhecidos e utilizados em modelos de análise, mas aqueles que vêm se apresentando além dos moldes. Para o desenvolvimento deste estudo foram realizadas entrevistas com executivos da Caixa, análise bibliográfica e questionário distribuído a analistas que atuam no mercado. Por meio dos resultados podemos inferir que os riscos vão muito além dos elencados na bibliografia existente. Não se pode tratar um Project Finance como uma linha de credito comercial com uma lista de premissas pré-estabelecidas onde uma vez que foram todas cumpridas garantem o sucesso do financiamento. Tais premissas são condições sem as quais um Project Finance não seria concedido, entretanto de maneira alguma esgotam seus riscos, e os profissionais de mercado devem desenvolver um senso critico mais apurado, devem olhar com mais cuidado as condições que se encontram atrás das premissas. Deste modo, acredita-se que o modelo de financiamento Project Finance, respeitando os riscos encontrados, possa ser utilizado de forma intensa por financiadores, de modo a continuar proporcionando condições de desenvolvimento à infraestrutura nacional.

published_or_final_version / Real Estate and Construction / Doctoral / Doctor of Philosophy

This research report is a techno-economic analysis of the nuclear project management capacity in South Africa. It will focus on the project development phases of the nuclear expansion programme. The author has nuclear engineering training background and also currently involved in the Eskom new build programme (Medupi & Kusile) and the coal refurbishment projects. The following thinking philosophy is used to structure this research report: * Project management practise for nuclear projects globally * Project management practise for major Eskom projects in South Africa * The differences between South Africa and international project management practises * Guideline for project management in the nuclear environment for possible implementation of the nuclear expansion programme. The project life cycle has different phases, namely, project setup and planning phase, project design and engineering phase, and project execution phase. The first two phases were discussed and analyzed in detail. The project execution phase was also discussed, however, due to the limited time, the execution phase will not be analyzed in detail. Further research is recommended on the execution phase. At the end of this research report, a guideline for nuclear project management is developed and associated with some recommendations. This guideline can certainly assist Eskom or other potential NPP developer to understand all the critical aspects in a nuclear expansion programme. / MIng (Mechanical Engineering), North-West University, Potchefstroom Campus, 2014