Project finance has spread worldwide and includes numerous
industrial projects from power stations and waste-disposal plants
to telecommunication facilities, bridges, tunnels, railway
networks, and now also the building of hospitals, education
facilities, government accommodation and tourist facilities.
Despite financial assessment of PF projects being fundamental to
the lender's decision, there is little understanding of how the use
of finance is perceived by individual stakeholders; why and how a
financial assessment is performed; who should be involved; where
and when it should be performed; what data should be used; and how
financial assessments should be presented.
Current uncertainty in financial markets makes many sponsors of
construction project financings carefully consider bank liquidity,
the higher cost of finance, and general uncertainty for demand.
This has resulted in the postponement of a number of projects in
certain industry sectors. Governments have seen tax receipts
drastically reduced which has affected their ability to finance
infrastructure projects, often irrespective of the perceived
demand. Equity providers still seek to invest, however there are
less opportunities due to market dislocation. Due to the demand for
global infrastructure it is believed that project financings will
return to their pre-crunch levels, or more so, however lenders'
liquidity costs will be passed on to the borrowers. Lenders will
also be under stricter regulation both internally and
externally.
The steps outlined in the guide are designed to provide a basic
understanding for all those involved or interested in both
structuring and assessing project financings. Secondary contracts
involving constructors, operators, finance providers, suppliers and
offtakers can be developed and assessed to determine their
commercial viability over a projects life cycle.
Special Featuresa structured guide to assessing the commercial
viability of construction projectsexplains economic metrics to use
in the decision making processdetailed case study shows how
stakeholders apply the concept of project finance
General
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