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Project finance is enjoying renewed attention as a financing technique in which the lenders look primarily to the cash-flow of a project as the main source of loan reimbursement, whereas assets represent only collateral. Owing to the general misunderstanding of the terms used in respect of project finance, the purpose of the paper will be to provide clear definitions, drawing attention to different project finance transactions that can be placed on a continuum, with recourse to project sponsors ranging from non-recourse to almost complete recourse. Several characteristics of project finance will also be addressed. Tables, Figures, References. Adapted from the source document.

The natural speed of the contemporary world demands large investment projects which require specialized financial techniques such as Project Finance, defined as a fund to finance investment projects of great magnitude. Every Project Finance involves a wide range of elements such as promoters, government, contractors andsuppliers, among others, that will ensure project success. ; La rapidez del mundo contemporáneo exige que los grandes proyectos de inversión requieran de técnicas financieras especializadas como el Project Finance, definido como un fondo para financiar proyectos de inversión de gran envergadura. Todo Project Finance involucra elementos como promotores, gobierno, contratistas, proveedores, entre otros, que garantizan el éxito del proyecto.

Project finance is enjoying renewed attention as a financing technique in which the lenders look primarily to the cash-flow of a project as the main source of loan reimbursement, whereas assets represent only collateral. Owing to the general misunderstanding of the terms used in respect of project finance, the purpose of the paper will be to provide clear definitions, drawing attention to different project finance transactions that can be placed on a continuum, with recourse to project sponsors ranging from non-recourse to almost complete recourse. Several characteristics of project finance will also be addressed.

KEY WORDS: • financial economics • structured finance • project finance • non-recourse and limited recourse debt • special purpose vehicle • highly leveraged capital structure

The Second edition of this best-selling introduction for practitioners uses new material and updates to describe the changing environment for project finance. Integrating recent developments in credit markets with revised insights into making project finance deals, the second edition offers a balanced view of project financing by combining legal, contractual, scheduling, and other subjects. Its emphasis on concepts and techniques makes it critical for those who want to succeed in financing large projects. With extensive cross-references and a comprehensive glossary, the Second Edition presents anew a guide to the principles and practical issues that can commonly cause difficulties in commercial and financial negotiations.

"Raise the skill and competency level of project finance organizations Project Finance for Business Development helps readers understand how to develop a competitive advantage through project finance. Most importantly, it shows how different elements of project finance, such as opportunity screening and evaluation, project development, risk management, and due diligence come together to structure viable and financeable projects—which are crucial pieces missing from the current literature. Eliminating misconceptions about what is really important for successful project financings, this book shows you how to develop, structure, and implement projects successfully by creating competitive advantage. By shedding light on project finance failures, it also helps you avoid failures of your own. • Offers a roadmap for successful financing, participant roles and responsibilities, and assessing and testing project viability • Considers project finance from a broad business development and competitive advantage • Provides a strategic decision-forecasting perspective • Delves deeper than existing treatments of project finance into decisions needed to create and implement effective financing plans Helping readers develop, structure, and implement projects successfully by creating competitive advantage, this book is a useful tool for project sponsors and developers, helping them structure and implement projects by creating competitive advantage. "--

Cover -- Half-Title -- Title -- Copyright -- Contents -- List of Figures -- List of Tables -- List of Abbreviations -- Introduction -- 1 Project Finance -- 1.1 General overview -- 1.2 Main characteristics of project finance -- 1.3 Prerequisites to project finance -- 1.4 Public-private partnership -- 1.5 Key characteristics of infrastructure project assets -- 1.6 Financing the infrastructure projects -- 1.7 Greenfield versus brownfield projects -- 2 European Infrastructure Project Finance Market -- 2.1 Western Europe -- 2.1.1 Volumes, developments and financing in Western Europe -- 2.2 CEE

Project sponsors in Europe are facing more and more difficulty when acquiring conventional long-term bank loans for infrastructure projects. The regulatory landscape for debt markets will evolve further with implementation of Basel III requirements. Recently, the Asset Quality Review under the European Central Bank's Comprehensive Assessment process, and related pressures on banks' balance sheets, have constrained bank long-term lending. This has led to much discussion on non-conventional bank funding options for infrastructure deals in the future. This book analyses the project bond financing solution in detail, identifying all the specific features that make it highly suitable for large capital intensive infrastructure projects. The first part of the book assesses the main characteristics and prerequisites of project finance, including public-private partnership, infrastructure project assets and greenfield versus brownfield projects. It then discusses the European infrastructure project finance market in detail, before comparing bank conventional lending versus the project bond solution. In the final part of the book, the author presents the Europe 2020 project bond initiative, and reveals a range of key case studies and their findings.