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9781405151276

Project Finance for Construction and Infrastructure Principles and Case Studies

by ; ; ; ;
  • ISBN13:

    9781405151276

  • ISBN10:

    1405151277

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2008-01-14
  • Publisher: Wiley-Blackwell
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Supplemental Materials

What is included with this book?

Summary

This is a self-contained text on the logic and institutions of project finance, supplemented by a series of project finance case studies illustrating applications in different economic environments, across different jurisdictions and at different stages of development. It will introduce an analytical framework drawing on applied institutional economics that includes and concentrates primarily on an analysis of the institutional logic behind generic project finance arrangements. The application of the institutional framework will be demonstrated with project cases from Hong Kong, Thailand, India, Europe and Azerbaijan - each at different stages of development. While each project case will have a general theme and will highlight aspects of interest to built environment professionals, it will primarily be used to illustrate one or more specific PF/PFI principle.

Author Biography

Frederik Pretorius & Berry Hsu, Department of Real Estate and Construction, University of Hong Kong;

Paul Lejot & Douglas Arner, Faculty of Law, University of Hong Kong;

Arthur McInnis, Faculty of Law, City University of Hong Kong.

Table of Contents

Preface
Acknowledgments
About the authors
The Nature of Project Finance
The world of projects today
Corporations, finance and projects; important concepts
The project company business model
The project cycle
System concepts and the project company
Plan of the book.Key Concepts
Complex Transactions
Transactions, the cost of transaction, transaction cost economics, and projects
A more formal approach to disaggregation of transactions
The influence of agency on transaction costs - agency costs
Corporate finance context
Incentive conflicts in corporate finance
Transaction costs and agency - theoretic logic of the project finance model.Key concepts
Comparison of long-term debt instruments
Syndicated loans
International bonds
Financial Evaluation
Valuation and the project company
Valuation and the project company as a single-asset business
Capital budgeting decisions.Key concepts
Managing Risk in Project Finance Transactions
The project cycle revisited
Risk management approaches
The project company and risk identification
Risks in the construction phase
The institutional environment and risk
Risk management and project lenders.Key concepts
Continuing Evolution: from PF to PFI, PPP and beyond
Introduction
PFI origins
Types of PFI
PFI features
Procurement process principles
Contract and control structure
The special purpose or project vehicle and financing
PFI/PPP and rational privatisation
Risk management
Financial risk in PFI and PPPs
Challenges for PFI and PP and the responses
The lessons.Key concepts
The Relevance of Sound Demand in Infrastructure Project Finance.The Sydney Cross-City Tunnel
Infrastructure finance: the Sydney cross-city tunnel
History of the CCT project
Cheung Kong Infrastructure Holdings Limited
The bidding process
Valuing the project
Assessing project risks
Capital structure
Completion of the deal
Project outcomes
Financial Structure and Infrastructure Project Finance - The Hong Kong Western Harbour Crossing
Refinancing the western harbour crossing, Hong Kong
History of the western harbour crossing
Valuation of the project
Institutional Risks and Infrastructure Project Finance - The Dabhol Power Project
Dabhol power project
Development of the Dabhol power project
Power purchase agreement
Epilogue
Analysis
Extreme Complexity in Transacting - Public Private Partnerships at Work in the London Underground
Public private partnerships: London Underground
Two countries two systems
Public private partnership
References
Index
Table of Contents provided by Publisher. All Rights Reserved.

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