Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
- Power
- Roads / Bridges
- Telecom
- Airports / Ports
- Urban Infrastructure / Muncipal Capacity Building
- Water supply schemes / Transport terminals
1
Infrastructure Financing
Funding Structure
Special purpose vehicle
Relationship between sponsor and O&M company
Analysis of revenue streams ( tolling / Annuity )
Project management and implementation arrangements
Security structure ( Cash flow / asset based / state
Government support / Escrow / LCs )
Concession Agreements
Tax concessions / Holiday
3
Power Sector
-Zero import duty for all mega power projects in excess of 1000
mw. EPGC allowable for captive units.
- PPA with Transcom / Discoms for sale and FSA as a CP for
debt disbursement.
-Electricity act allows open acceses protocol
-Fuel cost should act as Pass through .
-Regulatory commissions to determine power tariff and PLF on
Merit order despatch & grid wheeling and evacuation charges.
- Merchant Power plants Spot sale basis or long term PPAs
5
Leverage
Fixed or floating interest rate
Door to Door tenure of debt
Currency of debt
Tolling , Annuity, Revenue share structures.
Sliding scale royalties
Regulated & un regulated charges dual tail.
SPV Structure
Generally unsecured.
8
Risks Profile
Project Life Cycle - Main Risks:
----------- Construction----------------------------------Operation---------------------
Main Risks:
Completion risk
Cost Overrun risk
Performance risk
Environmental risk
Main Risks:
10
Equity participation
Subsidies
Sovereign guarantees
Guarantees of performance by contracting
authority
Guarantee against adverse acts of Government
Tax and customs benefit
Protection from competition
Ancillary revenue sources
11
BOOT Structure
Typical structure to finance a limited life concession on a
limited recourse basis
Project SPV holds the concession
SPV raises limited recourse debt.
Project Company
Govt.
Agency
Project Company
Operator
O&M
Contract
Concession
Project Company
Project
Company
Project Company
EPC
Contractor
Project Company
SubContractors
(Undertakings)
Equity
Project Company
Sponsors
Undertakings
(Comfort Letter)
Loan
Agreements
Project Company
Lenders
Construction
Contract
Tariff
Trust
Deed
Project Company
Public
Users
Project Company
Security
Trustee
13