Project Finance for Construction and Infrastructure
Principles and Case Studies
Published on 30. April 2008
372 pages
978-0-470-69793-1 (ISBN)
Description
This is a self-contained text on the logic and institutions ofproject finance, supplemented by a series of project finance casestudies illustrating applications in different economicenvironments, across different jurisdictions and at differentstages of development.
It will introduce an analytical framework drawing on appliedinstitutional economics that includes and concentrates primarily onan analysis of the institutional logic behind generic projectfinance arrangements.
The application of the institutional framework will bedemonstrated with project cases from Hong Kong, Thailand, India,Europe and Azerbaijan - each at different stages ofdevelopment. While each project case will have a general theme andwill highlight aspects of interest to built environmentprofessionals, it will primarily be used to illustrate one or morespecific PF/PFI principle.
Reviews / Votes
"An interesting publication with many key aims, it looks to supplythe concepts of project finance to academics and students by theutilisation of real projects." Building EngineerMore details
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04/2008
Wiley
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Frederik Pretorius | Douglas Arner | Berry-Fong Chung-Hsu
Project Finance for Construction and Infrastructure
Principles and Case Studies
Book
12/2007
1st Edition
Wiley
€131.17
Shipment within 3-4 weeks
Persons
Frederik Pretorius & Berry Hsu, Department of Real Estate andConstruction, University of Hong Kong;
Paul Lejot & Douglas Arner, Faculty of Law, University ofHong Kong;
Arthur McInnis, Faculty of Law, City University of HongKong.
Content
Preface .
Acknowledgments .
About the authors.
1 The Nature of Project Finance .
1.1 The world of projects today.
1.2 Corporations, finance and projects; important concepts.
1.3 The project company business model.
1.4 The project cycle.
1.5 System concepts and the project company.
1.6 Plan of the book.
Key Concepts.
2 Complex Transactions .
2.1 Transactions, the cost of transaction, transaction costeconomics, and projects.
2.2 A more formal approach to disaggregation oftransactions.
2.3 The influence of agency on transaction costs - agencycosts.
2.4 Corporate finance context.
2.5 Incentive conflicts in corporate finance.
2.6 Transaction costs and agency - theoretic logic of theproject finance model.
Key concepts.
Appendix 2.1 Comparison of long-term debt instruments.
A2.1.1 Syndicated loans.
A2.1.2 International bonds.
3 Financial Evaluation .
3.1 Valuation and the project company.
3.2 Valuation and the project company as a single-assetbusiness.
3.3 Capital budgeting decisions.
Key concepts.
4 Managing Risk in Project Finance Transactions .
4.1 The project cycle revisited.
4.2 Risk management approaches.
4.3 The project company and risk identification.
4.4 Risks in the construction phase.
4.5 The institutional environment and risk.
4.6 Risk management and project lenders.
Key concepts.
5 Continuing Evolution: from PF to PFI, PPP and beyond.
5.1 Introduction.
5.2 PFI origins.
5.3 Types of PFI.
5.4 PFI features.
5.5 Procurement process principles.
5.6 Contract and control structure.
5.7 The special purpose or project vehicle and financing.
5.8 PFI/PPP and rational privatisation.
5.9 Risk management.
5.10 Financial risk in PFI and PPPs.
5.11 Challenges for PFI and PP and the responses.
5.12 The lessons.
Key concepts.
6 The Relevance of Sound Demand in Infrastructure ProjectFinance -.
The Sydney Cross-City Tunnel .
6.1 Infrastructure finance: the Sydney cross-city tunnel.
6.2 History of the CCT project.
6.3 Cheung Kong Infrastructure Holdings Limited.
6.4 The bidding process.
6.5 Valuing the project.
6.6 Assessing project risks.
6.7 Capital structure.
6.8 Completion of the deal.
6.9 Project outcomes.
7 Financial Structure and Infrastructure Project Finance- The Hong Kong Western Harbour Crossing .
7.1 Refinancing the western harbour crossing, Hong Kong.
7.2 History of the western harbour crossing.
7.3 Valuation of the project.
8 Institutional Risks and Infrastructure Project Finance- The Dabhol Power Project .
8.1 Dabhol power project.
8.2 Development of the Dabhol power project.
8.3 Power purchase agreement.
8.4 Epilogue.
8.5 Analysis.
9 Extreme Complexity in Transacting - Public PrivatePartnerships at Work in the London Underground .
9.1 Public private partnerships: London Underground.
9.2 Two countries two systems.
9.3 Public private partnership.
References .
Index
