By Frederik Pretorius
It is a self-contained textual content at the good judgment and associations of venture finance, supplemented via a chain of undertaking finance case stories illustrating purposes in several financial environments, throughout assorted jurisdictions and at assorted phases of improvement.
it's going to introduce an analytical framework drawing on utilized institutional economics that incorporates and concentrates totally on an research of the institutional good judgment at the back of popular undertaking finance preparations.
the appliance of the institutional framework could be established with undertaking situations from Hong Kong, Thailand, India, Europe and Azerbaijan – each one at diversified phases of improvement. whereas each one undertaking case may have a basic subject and may spotlight points of curiosity to outfitted setting execs, it is going to basically be used to demonstrate a number of particular PF/PFI principle.Content:
Chapter 1 the character of venture Finance (pages 1–42):
Chapter 2 complicated Transactions (pages 43–92):
Chapter three monetary review (pages 93–149):
Chapter four handling hazard in undertaking Finance Transactions (pages 150–215):
Chapter five carrying on with Evolution: From PF to PFI, PPP and past (pages 216–244):
Chapter 6 The Relevance of Sound call for in Infrastructure undertaking Finance: The Sydney Crosscity Tunnel (pages 245–279):
Chapter 7 monetary constitution and Infrastructure venture Finance: The Hong Kong Western Harbour Crossing (pages 280–307):
Chapter eight Institutional hazards and Infrastructure venture Finance: The Dabhol energy undertaking (pages 308–323):
Chapter nine severe Complexity in Transacting: Public deepest Partnerships at paintings within the London Underground (pages 324–347):
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Extra resources for Project Finance for Construction & Infrastructure: Principles & Case Studies
Planning, design and engineering Construction (or procurement) Commissioning Operation Decommissioning } Development phase The first three can be grouped loosely as the development phase, which for present purposes we may treat as one phase. Each phase carries particular risks, which may or may not be quantifiable, and which all have implications for the project finance model. A critically important fact is that no operating project company exists before the development phase is successfully complete.
Each phase carries particular risks, which may or may not be quantifiable, and which all have implications for the project finance model. A critically important fact is that no operating project company exists before the development phase is successfully complete. This means that if development is unsuccessful, no revenue generation is possible, which is hardly attractive. It requires no leap of imagination to realise that even if conceived properly, the risks to the success of a project company are substantial in the development phase (even if manageable), because it is here where the project company either procures a working asset or not.
For analytical purposes, most business literature considers systems theory to be an appropriate model to analyse businesses as human organisations, and we therefore also consider it appropriate to apply it to project companies. When viewed as a system, a business enterprise would have some intended function or purpose reflecting the intention of its creators (as difficult as this may sometimes be to imagine). Recall our 14 We must also immediately say that many human/social organisations evolved historically into their current forms and were not consciously designed (some political systems, for example).