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Capital-intensive projects throughout the world - including large-scale energy, infrastructure, toll road, solid waste, and recycling projects - rely on project finance as the most important financing technique available. But the complexity of project finance requires that the practitioner predict and resolve a number of potential risks involving bankruptcy, currency, and political issues, among others, and often in emerging economies.
This volume addresses these risks and their resolution and details each of the elements necessary for a successful project financing. Mirroring the structure of an actual project finance deal, this all-in-one handbook examines each step of the process, from the rationale for the project finance, through risk allocation and mitigation, to dispute resolution.
Topics discussed include: financing sources; environmental issues; bilateral and multilateral support; contract aspects and typical contract terms, project contracts as credit support; project finance loan documents, collateral documents; and permits. All participants in project financing - including: lenders; developers; investors; host governments; governmental agencies; multilateral and bilateral agencies; off-take purchasers; input suppliers; contractors; and operators - should be able to turn to this book as an accessible tool and a reliable research database.
Its combination of practical features includes: a checklist of key considerations to assist the practitioner in structuring, negotiating and reviewing a project finance transaction; a detailed glossary of project finance terms; references to legal and business books and articles relating to project finance; and sample project finance clauses and provisions with discussion and suggestions for implementation. These features should enable practitioners and non-practitioners at all levels to understand the components and language of project finance and to recognize and avoid potential pitfalls.