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A Cutting Edge Guide to the Intricacies of Financing Power Projects and the Evolution of the Power Industry

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A Cutting Edge Guide to the Intricacies of Financing Power Projects and the Evolution of the Power Industry POWER PROJECT FINANCE A cutting edge guide to the intricacies of financing power projects and the evolution of the power industry Contact: www.iff-training.com Learning partner of +44 (0)20 7017 7190 [email protected] WHAT YOU WILL LEARN ABOUT IFF The course will look at how the industry structure has IFF has been the chosen training provider of the world’s historically driven power project finance and reviews the best finance and energy professionals since 1991. We drivers for change that are occurring. are part of Informa PLC and the learning partner of the SuperReturn and Flame series of events. You’ll look at the history of merchant power transactions and outline the risks that sponsors and lenders may be taking and • We continually develop and improve our training to make examine the approach of the banker to project analysis and it more effective for you debt structuring. Since the sponsor/borrower generally wishes • You’ll learn from practising, highly-experienced financial to maximise project debt, the willingness (or otherwise) of the experts lender to provide more or less leverage is clearly crucial. • You’ll experience interactive and practical training - After the course, you’ll have a project financing “toolkit” implement what you learn straight away incorporating • We limit class sizes so the trainer can adapt the content . project risk appraisal and mitigation to suit you . project quantitative analysis and debt sizing structuring . project finance loan documentation DATES & PRICE You’ll use case studies which have been specifically designed to illustrate the issues covered in the course. You will master: Please contact a member of our team for more details . The key technical aspects of the sector - as they affect a provider of finance CONTACT US . The project financing techniques and structures typically used in the conventional and renewable power generation +44 (0)20 7017 7190 industries [email protected] www.iff-training.com COURSE LEADER NEIL EDMONDS IN-COMPANY TRAINING Neil Edmonds has worked in the banking industry for over 35 years, with a particular IFF’s bespoke training solutions will help you focus on the Power & Utility and the Oil & address your specific key business challenges. Gas sectors. Over the past 4 years of his The programme is designed for you, with content banking career, Neil has worked in the Loan focusing on the issues you and your teams are Syndications team at Standard Chartered facing. The course can then be delivered at your Bank focusing on Structured Finance choice of location face-to-face, digitally or a transactions. combination of the two. Tailored content - 100% targeted to cover your Neil’s involvement in the Power and Utility sectors dates back needs to the privatisation of the UK utility companies from 1989 onwards. Neil has been heavily involved in: . No travel or time out of the office – we will come to you . The financing and subsequent, re-structuring of power . Value for money – train teams of staff at the same generation assets in the UK. The prime example being the time evolution of the 4GW Drax power plant, that in turn has: . Risk free – we’ve been doing this for over 30 years – been privatised within National Power For more information please contact: – sold by National Power to AES and financed against a distribution company Power Purchase Agreement (PPA) Leigh Kendall on +44 (0)20 7017 7190 or – gone into bank lender ownership, when the PPA provider email: [email protected] went in to insolvency – the sale of Drax by the bank lenders/owners via IPO – the transformation of the coal fired plant into a biomass plant, thereby becoming a renewable energy plant . The financing of power and water desalination plants throughout the Middle East . The financing of power plants in Europe and Asia . The financing of thermal and renewal power plants in Africa, together with significant Country Risk mitigation . The financing of onshore and offshore wind plants in UK and western Europe COURSE AGENDA THE PROJECT FINANCE “TOOLKIT” POWER PROJECT FINANCE – Power Project Finance Methodologies Project Finance Essentials SECTOR PRACTICE Debt Structures for Conventional Power (PPA, Tolling & Merchant) & Renewable Power (Feed-In • What is project finance? - Definition Who are the Key Players in Power Project Tariffs & Renewable Generation Certificates) • Differences between corporate & project Finance? lending Compared & Contrasted • The cashflow “envelope”; Cashflow Available • Debt/equity ratios and structures for Debt Service (CFADS) The Industry Structure and how Power • Risk allocation patterns • Why do sponsors choose project finance? • Debt maturity Project Finance has Evolved • The risk-reward relationship with the project – • Debt pricing levels • Outline of Industry structure and variations. sponsors & lenders • Early Power Purchase agreements and KEY POWER PROJECT FINANCING associated fuel supply contracts CONTRACTS – THE POWER SALE The Toolbox (1) – Qualitative Risk Analysis • The emergence of selling power generation ARRANGEMENTS • Sponsor risk capacity rather the power. The capacity charge The way in which power is sold (PPA, merchant, • Country limits / country risk mitigation and energy charge structure tolling, feed-in tariff with preferential despatch • Construction / completion risk • CHP and the implications of continual heat etc.) is arguably the most important determinant • Technology risk demand • Merchant power plants - what are they and how of project debt structure and therefore these • Supply issues agreements are worthy of particular attention. • Offtake factors it went wrong for sponsors and Lenders • Gradual emergence of highly subsidized During the course the key features of different • Operation & maintenance risk & structures power sales agreements are discussed in depth, • Insurance issues renewable energy projects • FIT, green certificates and contracts for in particular which risks are allocated and how • Consents & approval matters / regulatory this affects the amount and cost of the debt hazard differences • Assessing the resource risk which can be raised. • Environmental & social issues • Rapid evolution of large scale renewables, subsidy reduction and eliminations, auctions KEY POWER PROJECT The Toolbox (2) – Debt Sizing & Sculpting and the development of zero subsidy off shore FINANCING CONTRACTS – • CFADS – the starting point wind OPERATION & MAINTENANCE • Cover ratios • How Project Finance has become the key AGREEMENTS currency in renewable energy - why renewables – using the ADSCR Because the predictability of stable cashflow have driven the growth in Power Project – using the LLCR / PLCR as a “sense-check” is critical in determining the risk appetite of a – cover ratios in debt sizing & stress testing Finance lender, the operation & maintenance regime • Base case design – control of inputs and to be applied in a power project is analysed macroeconomic parameters Changes Likely to Occur Over Next 20 Years very carefully by its debt providers. During • Sensitivity running – what does the banker • Must run generation technologies – zero the course the key risk transfer provisions of test? short run marginal costs, pushing out thermal O&M agreements – and their limitations - are • The IRR/cover ratio interface plant and destroying the economics of major reviewed in detail. • Impact of control accounts on sponsor return electrical utilities • Getting to the optimum debt level • Decarbonisation policies/ taxes • Distributed generation – behind the meter PUTTING IT INTO PRACTICE The Toolbox (3) – Project Finance Loan • Demand Response The course has a strong practical emphasis throughout and case studies are used, Documentation • Storage – how, when & cost. • Technology – where will solar PV and particularly to reinforce learning. There are • Control accounts & the cashflow “Waterfall” technologies be in 5-10 years three basic types of case study: – types of control account - disbursement, revenue, compensation, debt service CASE STUDY reserve & maintenance reserve accounts The Offtaker Mini-Cases – Shorter Class-Based – the cashflow waterfall – purpose, typical • Assessing the long-term credit risk of the Sessions – where participants are priority ranking and variations Offtaker required to identify the pros and cons of a project – the documentation process • Assessing the cashflow of the offtaker and the from a bankability perspective and also to set out > keeping it tight and focused regulatory position that underpins it requirements for additional due diligence. > the lender / borrower / counsel interface • Political and Credit support for offtakers in PRACTICAL SESSION emerging markets > different approaches to the term sheet Peer Review Committee Sessions > designing the term-sheet for economy • Risk assessment of Offtaker and the drivers of – more intensive cases where the Course while covering the key commercial their cashflow Faculty acts as presenter and four issues • Risk Mitigation in emerging markets participants are selected to act as a committee to • Documentary terms and conditions screen new transactions before they go to full Credit – the “boiler-plate” – understanding the The Role of the Regulator and the political Committee. jargon climate – the key “command & control” mechanisms EXERCISE in project finance agreements • Classic role & powers of the regulator Term Sheet Case Studies – exercises • Role of the regulator in encouraging renewables where the course participants are required > conditions precedent
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