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現在位置: ホーム ja シラバス(2020年度) 経営管理大学院 実務科目 4361000 Project Finance

4361000 Project Finance

JA | EN

科目ナンバリング
  • P-MGT75 60162 LJ44
開講年度・開講期 2020・後期
単位数 2 単位
授業形態 講義
配当学年 1.2
対象学生 大学院生
使用言語 英語
曜時限 土4・5隔週講義
教員
  • 長田 薫(経営管理大学院 客員教授)
  • 玉木 直季(経営管理大学院 客員研究員)
  • 阿部 亮一(経営管理大学院 客員研究員)
  • 荒木 真左夫(経営管理大学院 客員教授)
  • 丸嶋 崇人(非常勤講師)
  • 北村 健一郎(非常勤講師)
授業の概要・目的 Project finance is a financing structure used primarily for long-term infrastructure, energy and industrial projects in which repayments for the loan issued to finance a project are made, in principle, exclusively from the cash flow generated by the project, and security for the loan is limited to the project's assets (including certain rights and interests in relation to the project). As a project finance transaction involves many participants and requires the preparation of a diverse set of contracts, the negotiation process is typically complicated. Due largely to reductions in government funding as well as increased involvement by the private sector in infrastructure projects, there has been remarkable progress in the development of this practice area. This course will initially cover the fundamental concepts and elements of a cross-border transaction, and will later address some of the basic characteristics of and issues related to project finance including, among other topics, risk analysis and mitigation, finance structuring and cash flow projection, and documentation related issues.
Finally, we will review certain actual project finance transactions.
到達目標 The goal of this course is to provide a basic understanding of the following:
○large-scale natural resource and infrastructure projects and the various financing methods that may be implemented for those projects
○the concept of project finance and the roles of the various participants in a project finance transaction
○the calculation method to determine both debt service coverage ratio (DSCR) and debt-to-equity ratio
○risk allocation and classification of risks in project finance transactions
○the reasons why security interests are granted in project finance transactions and the concept of step-in rights
○recent project finance related trends and challenges
授業計画と内容 ■Oct. 3 Nagata Kaoru
1. Introduction and Goal Setting of project finance program
・Objective
Introduction of the lecturers, self-introduction by the students attending the course (each student will be expected to explain why he/she is interested in attending this lecture and the specific topics of his/her interests so that the lecturer may identify where within the scope of the entire course, such topics will be covered and make necessary suggestions on how to address the same).
Introduction of the seven (7) lectures and general explanation of the same (covering the syllabus, examination, grading criteria, and lecture reference materials).
In order to learn the basics of project finance, it is essential to grasp the concepts of international energy & resources and infrastructure projects that will be done by private sector. We will learn some typical projects funded by project finance and discuss the following topics: What is a project? What is financing? Who provides project financing? What is non-recourse/limited recourse? What is bankability? The reason why the project finance was pursued

■Oct.17 Tamaki Naoki
2. Introduction of recent transactions
Objective;
PPP and PFI model spread globally as the part of answer to the huge
demand for infrastructure development.Project Finance is applied to PPP/PFI model and it is one of the most important elements for success. We will learn the mechanism of Project Finance in PPP/PFI models and how it is structured to win the international tenders.
*PPP/PFI examples
*Basic mechanisms of Project Finance
*Key elements of competitive tenders

■Oct.31 Araki Masao
3. Basics of Project Finance(1)
~Risk Identification & Allocation, Project Documents~ Objective:
Risk identification and allocation plays the basic part of due diligence in the Project Finance transactions.
We will cover the following topics, to understand types of risks and how to control them effectively to make Project Finance transactions bankable.
・Identification of risks that are typical to Project Finance
・Controlling risks, based on the “principle”
・Project documents that function to allocate risks among parties

■Nov. 14 Abe Ryoichi
4. Basics of Project Finance(2)
~Project Participants and Objectives, Structuring Techniques, Sources of Funding, Due Diligence~
Objective:
We will discuss following topics to further understand project finance in depth.
・ Major project participants and their goals
・ Key elements to structure project finance
・Typical issues which require tough negotiation among project participants
・Funding options (Source of Funding)
・How to conduct risks through due diligence, and how we mitigate them

■Nov.28 Marushima Takahito
5. Basics of Project Finance(3)
~Cash Flow Projection, Sponsor Support and Credit Enhancement~ Objective:
Cash flow projection is one of the key components for structuring Project Finance. Here, we cover following topics, in order to acquire sufficient knowledge to structure, analyze and manage project’s cash flow projection:
・Basics of cash flow projection
・ Concepts of various types of ration applicable to Project Finance such as DSCR, LLCR and D:E
・Mechanism of hedging
・Mechanism of credit enhancement such as sponsor support and its effectiveness

■Dec. 12 Kitamura Kenichiro
6. Characteristics of Project Finance Documents and Loan-related Agreements
Objective:
We will discuss how interest of parties can be protected by contracts / agreements.
Using a power plant project in a country X as an example, we will cover following topics.
・ Key features of core contracts/agreements of the project, such as Power Purchase Agreement (PPA) and Loan Agreement.
・ Mechanism of protecting interest of each party, such as Step-in right, and how it works.
・ How parties to contracts/agreements interact to protect own interest when the project faces problems

■Dec. 26 Nagata Kaoru
7. Project Finance(Wrap-Up) Objective:
i) We will discuss insurance arrangement in project finance and how insurance does work for the benefit of lenders.
ii)We will reconfirm the characteristics and special nature of project finance. For this purpose, we will reconsider the project risk profile from unique points of view.
・ Counterparties of project contracts : How important?, Motivation, Responsibility and role of the counterparties, Term of commitment to the project by the counterparties
・Demand for products and services produced/supplied by the project
Also we would like to consider the restructuring of project finance deal, in order to understand how security package is going to work in case the project will face difficulty.
Finally, we would like to have a wrap up discussion regarding project finance in the future.
成績評価の方法・観点 Final grade will be based on attendance(30%), assignment(20%)and final exam (50%).
履修要件 No prior requirements/knowledge required.
授業外学習(予習・復習)等 Students are reminded to image and grasp the following things before class starts:
●Large-scale global projects such as infrastructure, oil and gas
●Role of the host country and sponsor
●Cross-border finance
●Recourse and Non-recourse finance
教科書
  • No text book or materials will be provided during the course.
参考書等
  • Edited by John Dewar『International Project Finance』*
  • Graham Vinter, Gareth Price, David Lee『Project Finance(Fourth Edition)』*
  • E.R. Yescombe『Principles of Project Finance』
  • Eduardo Engel et al.『The Economics of Public-Private Partnerships』(Note) Students do not have to purchase those books for the class.
  • Those two books marked with asterisk (*)are now in a collection of the Kyoto Universitys library, thanks to the donation by the relevant law firms at which authors work.