You have a unique opportunity to choose a validated option for this course and receive a Post Graduate Certificate on completion. This programme is quality assured by Middlesex University and you will receive a Middlesex award on successful completion. However, if the validated option isn’t important to you there is still the opportunity to take the standard course.
Start Dates: 10 July 2019 & 4 December 2019
Duration: 16 weeks, delivered by Distance Learning
Course Faculty: Steve Mills
Certification: Post Graduate Certification (optional)
Validated by Middlesex University
The course takes place over 16 weeks and comprises six core units, followed by two elective pathways (which participants choose between). The units will be released every two weeks from the start of the course. Download the units or study completely online.
At the end of each unit there is an assessment that will allow you to benchmark your growth in knowledge and understanding. For those wishing to receive a Post Graduate Certificate from Middlesex University, an additional marked assignment of 5000 words will also need to be submitted. The assignment will be based on an on-going case study that runs throughout the duration of the course.
Each unit is now complimented by a 10-20 minute video from the course director, Steve Mills, taking you through the components of the course with particular emphasis on complex areas.
This module will introduce the meaning of Project Finance, the reasons for its use, the risk/reward relationship and the impact of the credit crisis on project financing.
Explain the key qualitative risk factors analysed by lenders when evaluating a project financing – in this unit particularly sponsor risk, country/political risk, completion period issues and operation & maintenance arrangements. It will also explore how these risk factors are perceived by bankers, mitigated and (where necessary) allocated to other parties within or outside the project structure.
Explain the key qualitative risk factors analysed by lenders when evaluating a project financing – in this unit particularly supply risk, reserve risk, sales /offtake arrangements, approvals / permits issues, environmental factors and regulatory considerations. Explore how these risk factors are perceived, mitigated and (where necessary) allocated to other parties within or outside the project structure.
Examine how an economic model of the project’s projected cash flow is employed to structure the drawing and repayment of debt, the use of “Cover Ratios” to size debt, structure the repayment of the financing, test the debt-servicing capacity of the project in downside scenarios and provide “command and control” mechanisms during the life of the financing. It will also analyse the impact of the debt structure on the IRR of the sponsor and how the lender’s need for debt servicing security is balanced with the objectives of the sponsor.
Explain the process of documenting a project financing transaction and the components of the major documents with particular reference to the loan agreement itself. Analyse the purpose and structure of the key parts of a project loan agreement – especially the control mechanisms incorporated to protect lenders in periods of weak cash flow or at the point of default.
Explain in detail the process of negotiating and documenting a limited-recourse financing and the way in which the steps (and their duration) have been impacted by the Credit Crisis. Provide a clear appreciation of the different instruments typically used by lenders to acquire a first-ranking security interest in respect of the project vehicle company, fixed and current assets, project contracts and other rights.
1. Infrastructure Project Finance
Understand in detail the qualitative risk analysis and debt structuring features peculiar to infrastructure project finance.
2. PPP/PFI Project Finance
Learn in detail the qualitative risk analysis and debt structuring features peculiar to PPP/PFI project finance, the drivers for the establishment of the sector and the key documents which underlie PPP/PFI projects – particularly the concession.
1. Oil & Gas/Mining Project Finance
Cover the particular challenges faced by lenders providing limited-recourse finance to projects in the extractive industries. Gain a clear understanding of the variations in financing structure and practice seen in key sub-sectors.
2. Conventional & Renewable Power Project Finance
Set out in detail the qualitative risk analysis and debt structuring features peculiar to power project finance, the impact of the power sales arrangements on debt capacity and structure and the differences between conventional (gas and coal-fired) projects and those involving renewable energy sources.
Extremely relevant course to my job. The programme is very interesting. It gives an overview of the concepts of project finance. Particularly, it allowed me to fill a gap in my knowledge of infrastructure project finance.
This course is ideal for people who are new to project finance or those who have already some experience in the sector.
It will be of particular benefit to staff in: business development, portfolio management, credit function, energy, mining, infrastructure, PFI/PPP, legal professionals, accountants, insurance brokers and advisors, ECA and multilateral agency staff.
We can tailor this course and its delivery to match your requirements. Whether it is a complete distance learning course or blended learning, we will ensure that our dedicated team and professional trainers will produce and deliver the perfect training programme.
Don't delay your application. Our online application form securely accepts payment by credit card in either £ or €, or we will invoice you or your employer for payment by bank transfer.