[pt] O presente trabalho se propõe a estudar, sob o prisma de observação da relação entre financiador e financiado em um project finance, os efeitos do inadimplemento de terceiros contratados do financiado e a sua oponibilidade ao financiador. A investigação tem início com a qualificação contratual do project finance como modelo de conexão contratual, a identificação da intensidade desta conexão e sua propensão à produção dos efeitos típicos desta qualificação, dentre eles a contaminação de vicissitudes no plano da eficácia entre os diferentes instrumentos coligados. Com base nestas premissas, aplicam-se à hipótese aventada critérios elaborados pela doutrina para a oposição da exceção do contrato não cumprido entre partes diversas de contratos coligados e para a oponibilidade de inadimplementos entre terceiros em uma cadeia coligada, tudo com o especial fim de definir os limites da propagação ao contrato de financiamento de inadimplementos verificados em outros instrumentos que estruturam um project finance. / [en] The present study aims to examine, from the perspective of the legal nexus between the financier and the financed party in a project finance scenario, the effects of non-performance by third parties contracted by the financed party and its enforceability against the financier. The investigation begins with the qualification of project finance as a model of linked contracts, the identification of the intensity of this connection, and its ability to produce typical effects of this qualification, including the contamination of events in the effectiveness realm among different interconnected agreements. Based on these premises, criteria developed by legal doctrine are also applied to the hypothesized scenario, considering the opposition of the exception of non-performance between different parties of interconnected contracts and the enforceability of non-performance among third parties in a connected chain. All of this is done with the specific purpose of defining the limits of the propagation of non-performance in other agreements that structure a project finance to the financing contract

Thesis (MBA)--Stellenbosch University, 2012. / Over the past few years the Southern African Development Community (SADC) has been facing regional power shortages. These regional power shortages currently being experienced within the SADC region have been partly due to a lack of generation capacity and transmission capacity constraints. This situation has been further aggravated by the unanticipated economic growth within the SADC region. In order for the SADC region to meet its electricity demand, the region needs to invest in new generation and transmission projects. However, due to the inability of regional utilities to raise funds to finance these projects, the projects tend to not reach financial close resulting in the increase of the regional power deficits. Although these regional power shortages have been attributed to the lack of adequate investment in power generation projects and power transmission interconnector projects, this research report was limited to the development and financing of power transmission interconnector projects. The objective of this research report was to identify the dynamics that prohibit regional power transmission interconnectors from reaching financial close and to recommend possible solutions on how best to develop and package these projects. The research used the proposed developmental approach of the ZIZABONA transmission interconnector project as a case study to develop a generic model that could be utilised on other regional transmission interconnector projects. Based on the research presented in this research report, the study has highlighted project finance as a viable funding strategy. Regional utilities can utilise this funding strategy to package and finance joint transmission regional interconnectors to alleviate the current regional power shortages by facilitating regional electricity trade.

<p>In much of the recent times the practitioner’s fraternity has been focused towards making investment decisions, based on traditional financial evaluation techniques ranging from Net present Value (NPV), Internal Rate of Return (IRR), Pay Back Period, Profitability Index. Although these techniques have performed satisfactorily and have provided practitioners’ insights about how to value investments and thereby providing them a holistic view of the project and making informed decisions. However, these traditional techniques have focused more on quantifying the risk assessment done at the beginning of the project, by taking into consideration an optimal discount rate based on the firm’s overall cost of capital, and the additional risk associated with the given project. Nevertheless, these traditional Discounted Cash Flow (DCF) techniques, fails to take into account the value of managerial flexibility in business environments associated with a high degree of uncertainty, thereby not encapsulating the value of different options which are embedded within the project, that managers possess and the value of new information during the project lifecycle. In order to value these options, Real Options Valuation technique has been proposed, which predominantly traces its origin from valuing financial options. Though various academicians have supported this technique and the potential benefits it offers to organizations while making investment decisions, it still rests on a number of assumptions, which needs to be validated across different businesses. Therefore, this study focuses on understanding the obstacles involved with the implementation of Real Options Valuation technique, based on the three roadblocks identified by Lander and Pinches (1998).</p><p>A qualitative study using semi-structured interviews was conducted within a given case company X in Sweden. Wherein based on the existing financial evaluation technique that company X uses while making investment decisions are analyzed. Based on the responses provided by the company X officials, the study revealed that company X employs traditional financial evaluation techniques, since they are been widely accepted across a wide range of industries, and also decision makers, and shareholders tend to prefer a probabilistic risk assessment at the beginning of the project, however company X do acknowledge the potential benefits offered by Real Options Valuation technique, but they are not been implemented, because of its ignorance among the key decision makers, coupled with complex mathematical calculations and various assumptions that needs to be incorporated while using Real Options approach for valuing investments, which makes it difficult in the context of given company X for using Real Options approach for valuing investments.</p>

In much of the recent times the practitioner’s fraternity has been focused towards making investment decisions, based on traditional financial evaluation techniques ranging from Net present Value (NPV), Internal Rate of Return (IRR), Pay Back Period, Profitability Index. Although these techniques have performed satisfactorily and have provided practitioners’ insights about how to value investments and thereby providing them a holistic view of the project and making informed decisions. However, these traditional techniques have focused more on quantifying the risk assessment done at the beginning of the project, by taking into consideration an optimal discount rate based on the firm’s overall cost of capital, and the additional risk associated with the given project. Nevertheless, these traditional Discounted Cash Flow (DCF) techniques, fails to take into account the value of managerial flexibility in business environments associated with a high degree of uncertainty, thereby not encapsulating the value of different options which are embedded within the project, that managers possess and the value of new information during the project lifecycle. In order to value these options, Real Options Valuation technique has been proposed, which predominantly traces its origin from valuing financial options. Though various academicians have supported this technique and the potential benefits it offers to organizations while making investment decisions, it still rests on a number of assumptions, which needs to be validated across different businesses. Therefore, this study focuses on understanding the obstacles involved with the implementation of Real Options Valuation technique, based on the three roadblocks identified by Lander and Pinches (1998). A qualitative study using semi-structured interviews was conducted within a given case company X in Sweden. Wherein based on the existing financial evaluation technique that company X uses while making investment decisions are analyzed. Based on the responses provided by the company X officials, the study revealed that company X employs traditional financial evaluation techniques, since they are been widely accepted across a wide range of industries, and also decision makers, and shareholders tend to prefer a probabilistic risk assessment at the beginning of the project, however company X do acknowledge the potential benefits offered by Real Options Valuation technique, but they are not been implemented, because of its ignorance among the key decision makers, coupled with complex mathematical calculations and various assumptions that needs to be incorporated while using Real Options approach for valuing investments, which makes it difficult in the context of given company X for using Real Options approach for valuing investments.

本研究於近年來公營事業的營運及管理模式日漸無法滿足高度自由化社會的需求，國際間公營事業開放民營化已成為普遍趨勢。然而，反觀我國於民國84年自今，陸續開放三階段民營電廠申請建設，其中通過的15間民營電廠中，僅存7家順利商轉營運，專案達成率不到五成。在面臨公營事業民營化的強力趨勢下，我國於專案融資領域似乎尚未累積足夠經驗進行國內大型專案的計畫與執行。因此本研究試圖以分析專案融資架構，並結合國內民營化腳步，以民營電廠「長生電廠」為個案進行進一部分析研究。 本研究首先檢視國內電力市場，了解電業自由化之趨勢與未來民營電廠興建之需求。並介紹我國民營電廠目前經營狀況以及其申請的流程，從中得知民營電廠申請手續之繁複與時程環環相扣等特性，與專案融資具有高度相似性。其後於第三章探討目前專案融資的進展與主要運作架構。專案融資首重風險評估與管理，ㄧ個成功的電廠專案，需事先評估專案流程中隱藏之風險，並採取相對應的規避手段，最重要是風險一旦發生時的應變措施與責任歸屬。 第四章以第三章之專案融資分析架構，並以我國民營電廠之成功案例「長生電廠」進行研究，長生電廠因其機組設計符合未來趨勢與專案設計之完善，使其順利取得融資完成專案。透過專案內容的呈現，與電廠專案為獲利性期長且風險較低等特性，說明長生電廠如何透過事前的風險管理與融資規劃順利取得融資。後續導入實質選擇權觀念，分析長生電廠管理面彈性對於價值的貢獻。 本研究結論發現，專案融資定義為以專案公司為主軸進行專案並藉由契約的安排分配各個參與者的利益以及其承擔的風險。其中我國民營電廠中首重於參與者的資格(此指專業能力與財力背景)與專案風險之分配，好的參與者有助於強化專案舉債能力與確保專案利潤，正滿足專案融資以未來現金流與本身資產抵押作為融資之特性。而專案的風險管理為透過合約進行專案風險之分配，需依照風險確定、規避、排除及移轉等程序，並且配合專案範圍內涉及之合約進行。而實質選擇權方面，對於提高專案外顯價值有正面效果，有助於專案權益人了解專案本身管理面彈性與真正價值。

This literature review analyzes the global phenomenon of international project finance (PF) as both a management and finance instrument, allowing practitioners to realize large scale infrastructure projects in high risk contexts. After describing the characteristics of PF, its historical origins and its unique benefits for empirical inquiry, I summarize the findings of academic research from an interdisciplinary perspective. Based on this integration of Finance, Management and International Business research, I discuss the theoretical implications for each field that emanate from PF. Finally, I identify possibilities for future research and propose a more balanced, interdisciplinary academic treatment of PF.

Submitted by Eduardo Franco Alves Ferreira (eduefaf@hotmail.com) on 2013-06-05T17:09:07Z No. of bitstreams: 1 VF Submissão.pdf: 2248116 bytes, checksum: b4b79e39d714a60eb6a3925edd17f5ed (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2013-06-05T17:20:03Z (GMT) No. of bitstreams: 1 VF Submissão.pdf: 2248116 bytes, checksum: b4b79e39d714a60eb6a3925edd17f5ed (MD5) / Made available in DSpace on 2013-06-05T18:19:48Z (GMT). No. of bitstreams: 1 VF Submissão.pdf: 2248116 bytes, checksum: b4b79e39d714a60eb6a3925edd17f5ed (MD5) Previous issue date: 2013-05-08 / Este trabalho tem como objetivo abordar as estruturas de financiamento de sondas de perfuração de poços de petróleo, tendo sido duas opções selecionadas para serem discutidas: o uso de empréstimos bancários e o uso de Project Bonds. O trabalho sugere uma estrutura híbrida de financiamento que tem sido usada no Brasil desde 2010 para sondas de perfuração de poços de petróleo, mas de forma não planejada, sem uma análise mais robusta dos fatores que podem interferir na escolha de uma opção em detrimento da outra. Se por um lado as restrições ao financiamento bancário de longo prazo estão aumentando, principalmente devido à adoção das regras da Basiléia III, logo isso tende a diminuir a preferência dos bancos por financiamentos de longo prazo. Por outro lado, o investidor institucional tem buscado diversificar seus investimentos de longo prazo, principalmente após a diminuição das taxas de juros nos países desenvolvidos (Europa e América do Norte). O momento atual é favorável para a discussão desta temática, portanto, o trabalho analisa de forma crítica o cenário e as opções mais utilizadas de financiamento e sugere uma alternativa de financiamento das sondas usadas na perfuração de poços para exploração de petróleo. Para tanto, foi realizado um estudo de caso, onde foi feita uma simulação de financiamento de uma sonda de perfuração do tipo drillship usando duas estruturas de financiamento: a primeira foi um empréstimo bancário via Project Finance e a segunda foi um empréstimo bancário via Project Finance pelo período de construção e um Project Bond após o período de construção pelo prazo remanescente. Em seguida foi feita uma análise quantitativa de algumas variáveis (taxa Treasury e risco de crédito da Petrobrás) que podem impactar as duas opções de estrutura de financiamento com o objetivo de fazer inferências sobre quais considerações os indivíduos tomadores de decisão do mercado, tais como o banco e o investidor institucional, precisam analisar antes de contratar a construção de uma sonda. Esta análise contribuirá para aumentar a previsibilidade na escolha da alternativa de financiamento de forma a proporcionar ao empreendedor a opção de financiamento mais barata antecipadamente e para que ele não precise esperar o período de construção acabar para optar em continuar no empréstimo bancário ou emitir um Project Bond. Se o empreendedor souber como essas duas variáveis se comportam durante o período de construção, poderá optar pela alternativa de financiamento mais barata no momento da estruturação do empréstimo inicial, economizando dinheiro devido ao fato de o período de empréstimo ser menor (o empréstimo seria apenas pelo período de construção) e, consequentemente, teria taxas de juros menores, quanto pelos custos adicionais cobrados em duplicidade (durante a estruturação do empréstimo e depois durante a emissão do Project Bond) que poderiam ser cobrados considerando a operação como um todo.

This Diploma Thesis deals with Public Private Partnerships (PPP) projects in transportation area in the conditions of the Czech Republic. Theoretical part of the Thesis describes basic rules of project finance, as an elementary part of each PPP project, as well as analyzes key economic, legal, tax and accounting aspects of the PPP projects within the Czech Republic. Practical part of the Thesis describes the development of PPP projects in the whole Europe. Current pilot PPP projects in the Czech Republic are also analyzed. Real PPP project, D3 highway, and its economic availability are being analyzed and evaluated in the final part of the Thesis.

Abstract: The main objectives of this Thesis is comprehensive describtion of the current situation of the Czech export support policy. The Thesis presents perspectives of financing possibilities of industrial works and projects in emerging markets countries, analyses the German export support policy and introduces opportunities for the improvement of the status of export oriented Czech companies

Construction industry leaders who neglect to implement appropriate project funding strategies harm business operations and lose profits. Inadequate funding is also a significant cause of project failures in the global construction sector. The purpose of this qualitative multiple case study was to explore strategies construction project owners use to secure sustainable funding for the successful conclusion of infrastructure projects. The population comprised 5 leaders of organizations owning construction projects in the Middle Eastern Gulf Cooperation Council states, with successful strategies to acquire adequate funding for completing infrastructure projects. Data were collected from semistructured interviews with the business leaders and reports published by prominent organizations involved in funding infrastructure projects. The modern portfolio theory formulated the conceptual framework. Through thematic analysis, 5 themes emerged: address project funding issues promptly, select projects with high returns and low risks, use project financial management processes to manage project funds, apply a project finance structure for large-scale projects, and implement an Islamic finance scheme for eligible projects. The potential contributions of the study include communities benefitting from improved well-being and construction business employees enjoying higher job security, enhanced working conditions, and better standards of living for their families.