The thesis deals with the issue of financing development projects. The aim is to formulate a financing proposal for a chosen development project and consequently evaluate and compare each option and choose the most effective solution. The thesis includes the characteristics of the given issue which forms the core for the proposal section. Furthermore, I concentrate on comparison of individual sources and their expensiveness for acquiring, which then I subsequently evaluate and compare in a comprehensive manner. The resulting solution is a proposition of financing development project UrbanPark - Východná where I consider two different scenarios. Offers are prepared based on the current up-to-date information which creates an opportunity for immediate implementation of the proposed solution.

The Master thesis is valuating advantages of apartment purchase including its financing against living in rental. Theoretical part elaborates individual phases of investment project valuation beginning with the financial plan and initial investment costs determination and proceeding to valuation itself, e.g. using NPV or IRR methods. Practical part valuates advantages of apartment purchase against living in rental on the specific example based on the form of financing. The work also includes sensitivity analysis elaborating sensitivity of financial models on the key input parameters.

[pt] O uso do Project Finance, como instrumento de viabilização na estruturação de empreendimentos intensivos de capital, é uma alternativa eficiente em relação ao financiamento corporativo no setor de infraestrutura. O presente trabalho tem o propósito de analisar a aplicabilidade dessa ferramenta de estruturação financeira no setor elétrico brasileiro por meio da análise dos riscos envolvidos em projetos de implantação de usinas de geração eólica. Com a finalidade de aferir quais riscos são mais relevantes em projetos dessa natureza e como estes podem ser mitigados, simulou-se diversas variáveis tendo-se como base o modelo de leilões de venda de energia nova utilizada no Brasil. A pesquisa envolveu o levantamento e ranqueamento dos riscos envolvidos na implantação de projetos eólicos, e a mensuração dos seus impactos sobre o valor presente líquido VPL de tais empreendimentos. Para tal, realizou-se um estudo de caso a partir de um exemplo numérico demonstrando-se a relevância dos diversos riscos apresentados. Os resultados obtidos demonstram que o fator de capacidade de geração de energia de uma usina eólica é a variável com maior potencial de redução do VPL do projeto, sendo, portanto, o risco mais relevante. A incerteza em relação à quantidade de energia efetivamente gerada, considerando um horizonte de 20 anos de contratação de energia, representa um fator de risco preponderante a qualquer parque eólico, conforme apresentado em gráficos no presente estudo. A pesquisa também conclui que o preço de comercialização da energia gerada, os custos de construção e as despesas de operação e manutenção dos parques eólicos têm um peso considerável na viabilização financeira dos projetos. Portanto, após a avaliação dos impactos das variáveis investimento, financiamento e atraso sobre as projeções financeiras, demonstrados por meio de análises de sensibilidade ao longo das seções 6 2, 6 3 e 6 4, conclui-se que a falta de planejamento e de uma análise criteriosa dos riscos e de seus respectivos mitigadores podem deteriorar a rentabilidade e até comprometer a viabilidade financeira de um empreendimento eólico. / [en] The use of project finance as a tool for structuring capital intensive projects, is an efficient alternative in relation to corporate financing in the infrastructure sector. This study aims to analyze the applicability of this tool in the Brazilian power sector through risk and mitigation analysis involved in the implementation of wind power plants. In order to verify which risks are most relevant in such projects and how these can be mitigated, was simulated with the most common variables based on the model of auctions of new energy used in Brazil. The research involved a survey and ranking of risks involved in the implementation of wind power projects, and measuring their impact on the net present value NPV of such enterprises. For this purpose, was performed a case study from a numerical example demonstrating the relevance of the various risks presented. The results demonstrate that the capacity factor of power generation from a wind power plant is the variable with the greatest potential for reducing the NPV of the project, therefore, the most significant risk. The uncertainty regarding the amount of energy actually generated, considering a 20 year energy contract, represents a relevant risk factor to any wind power projects, as shown in graphs in this study. The research also concludes that the trading price of energy generated, construction costs and the costs of operation and maintenance of these enterprises have considerable weight in the financial viability of the projects. Therefore, after assessing the impacts of the variables investment, financing and delay on the financial projections, demonstrated through sensitivity analyzes along sections 6 2, 6 3 and 6 4, it is concluded that the lack of planning and a thorough analysis of the risks and their mitigation can deteriorate the profitability and even jeopardize the financial viability of a wind power project.

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.

Principles, structure and problems of project financing today. Evaluation of real estate development projects. Analysis of risk factors of the projects with emphasis on their influence over quality, time heftiness and project expenses. General influence of the risk factors on the economic result of the project. Retrieving solutions for work with hazard factors in common plains. Application of the knowledge on specific case study of a real estate development project and comparison of the actual project course with the theoretical course according to Risk Management.

The diploma thesis is focused on description of relations between banking and real estate market. The first part describes these market. The second part is on Project financing and development projects. The third part deals with financing of living, especially mortgage loan.

The aim of this thesis is to propose the financing options for the project 'Views of Ha-ná'. The project counts for financing from structural funds of EU primarily. In case the applicant doesn't acquire the requested funds from EU, fund source alternatives are dis-cussed. In the theoretical part of the thesis I deal with the tools and aids of EU in current programme period 2007-2013, the branches of EU and with the village Skalka, which wants to carry out this project.

In the thesis is presented export financing of turn-key deliveries with state support in the Czech Republic. Emphasis is placed on two important characteristics of financing products - export buyer's credit and project financing. The above mentioned products are considered as financing instruments provided by the state institution established to support export transactions of domestic exporters. The practical demonstration of the theoretical part of the thesis is a case study, which focuses on financing the implementation of the transhipment port terminal grain in Ukraine.

The first part of the thesis deals with methods of export financing of capital goods, pre-export financing, supplier's credit, buyer's credit and export leasing. In the next part of the theisis is described financing exports of capital goods with state support. Here is characterized pro-export policy and the Consensus OECD, as well as the emphasis on two major institutions to promote exports in the Czech Republic - EGAP and CEB. The last part is devoted to project financing and financing through PPP.

The diploma thesis deals with the topic Financing of developers´ projects. The theoretical part is focused on the explanation of development financing, a description of a development project itselves and the financial methods for measuring the success of the project. The analytical part describes the processing of a real project focusing on financing methods and calculation of profit variants. The last section shows possible alternatives to project financing. Based on the success rate measurement of each variant, it provides recommendations for a suitable choice of developer financing.