{"product_id":"project-finance-isbn-9781119642466","title":"Project Finance","description":"\u003cp\u003e\u003cb\u003eTackle infrastructure development projects in emerging markets with confidence\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIn \u003ci\u003eProject Finance: Applications and Insights to Emerging Markets Infrastructure\u003c\/i\u003e, distinguished professor and author Paul Clifford insightfully applies the fundamental principles of project finance structuring to infrastructure investments in emerging markets.\u003c\/p\u003e \u003cp\u003eUsing leading emerging market case studies to illuminate the underlying themes of the book, the author provides a practitioner’s perspective and incisive analysis of concepts crucial to a complete understanding of project finance in emerging markets, including:\u003c\/p\u003e \u003cp\u003e· Risk management\u003c\/p\u003e \u003cp\u003e· ESG and impact investing\u003c\/p\u003e \u003cp\u003e· The emergence of new global multilateral development banks\u003c\/p\u003e \u003cp\u003e· China’s Belt and Road Initiative\u003c\/p\u003e \u003cp\u003e\u003ci\u003eProject Finance\u003c\/i\u003e bridges the gap between theoretical infrastructure development, investment, and finance and the implementation of that theory with instructive and applicable case studies. Throughout, the author relies on a grounded and quantitative approach, combining the principles of corporate finance with straightforward explanations of underlying technologies, frameworks, and national policies.\u003c\/p\u003e \u003cp\u003eThis book is an invaluable resource for undergraduate and graduate students in finance, as well as professionals who are expected to deal with project and infrastructure finance in emerging markets.\u003c\/p\u003e \u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Principles and Application of Project Finance 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOrigins and History of Project Finance 1\u003c\/p\u003e \u003cp\u003eWhy Sponsors Use Project Finance 2\u003c\/p\u003e \u003cp\u003eProject Finance—Asset Class Performance 4\u003c\/p\u003e \u003cp\u003eGlobal Infrastructure Outlook 9\u003c\/p\u003e \u003cp\u003eThe Infrastructure Gap in Emerging Markets 12\u003c\/p\u003e \u003cp\u003eFocus—Asia Infrastructure Needs 13\u003c\/p\u003e \u003cp\u003eEndnotes 14\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Project Finance—Risk Analysis and Mitigation 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCommercial versus Contract Viability 19\u003c\/p\u003e \u003cp\u003eSponsor Risk 19\u003c\/p\u003e \u003cp\u003ePolitical Risk 21\u003c\/p\u003e \u003cp\u003eConstruction and Completion Risk 22\u003c\/p\u003e \u003cp\u003eOperation and Maintenance Risk 25\u003c\/p\u003e \u003cp\u003eSupply Risks 26\u003c\/p\u003e \u003cp\u003eReserve Risk 27\u003c\/p\u003e \u003cp\u003eSales\/Offtake Risk 27\u003c\/p\u003e \u003cp\u003eApprovals and Permits 30\u003c\/p\u003e \u003cp\u003eSocial and Environmental Considerations 30\u003c\/p\u003e \u003cp\u003eFinancial Risks 31\u003c\/p\u003e \u003cp\u003eForce Majeure Risk 32\u003c\/p\u003e \u003cp\u003eCase Study: Mozal Aluminum Project, Mozambique 33\u003c\/p\u003e \u003cp\u003eEndnotes 37\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Project Finance Agreements and Loan Documentation 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eConstruction Contracts in Project Finance 41\u003c\/p\u003e \u003cp\u003eOperations and Maintenance Contracts in Project Finance 42\u003c\/p\u003e \u003cp\u003eOfftake Contracts\/Concession Agreements 42\u003c\/p\u003e \u003cp\u003eSupply Contracts 43\u003c\/p\u003e \u003cp\u003eProject Finance Loan Documentation 44\u003c\/p\u003e \u003cp\u003eKey Lender Protection Mechanisms and Strategies for Negotiating Finance Agreements 51\u003c\/p\u003e \u003cp\u003eCase Study: Samba Drillship Oil and Gas Project, Brazil 52\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Risks and Challenges of Project Financing in Emerging Markets 61\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTrack Record of Project Finance in Emerging Markets—The Asian IPP Experience 62\u003c\/p\u003e \u003cp\u003eCurrency Mismatch—Lessons Learned from the Asian Currency Crisis 63\u003c\/p\u003e \u003cp\u003eHow the Asian Currency Crisis Transformed the Approach to Project Finance 65\u003c\/p\u003e \u003cp\u003eRole of Multilateral, Bilateral Development Banks, and Export Credit Agencies 68\u003c\/p\u003e \u003cp\u003eStakeholder Alignment Issues 71\u003c\/p\u003e \u003cp\u003eMitigating Political and Sovereign Risks 71\u003c\/p\u003e \u003cp\u003eCase Study: Dabhol Power Project, India 72\u003c\/p\u003e \u003cp\u003eEndnotes 80\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Sources of Financing for Emerging Markets 81\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMultilateral Development Banks (MDBs) 84\u003c\/p\u003e \u003cp\u003eBilateral Development Banks (BDBs) 85\u003c\/p\u003e \u003cp\u003eExport Credit Agencies (ECAs) 85\u003c\/p\u003e \u003cp\u003eCommercial Banks 87\u003c\/p\u003e \u003cp\u003ePolitical Risk Insurance Market—Breach of Contract and Non-Honoring of Financial Guarantees 88\u003c\/p\u003e \u003cp\u003eProject Bonds 89\u003c\/p\u003e \u003cp\u003eEquipment Suppliers and Financing 90\u003c\/p\u003e \u003cp\u003eInstitutional Lenders (Insurance Companies, Infrastructure Funds, Pension Funds, Private Equity, and so forth) 91\u003c\/p\u003e \u003cp\u003eStrategies for Multi-Sourced Financing in Emerging Markets 91\u003c\/p\u003e \u003cp\u003eCase Study: Nam Theun 2 Hydro Project, Laos 92\u003c\/p\u003e \u003cp\u003eEndnotes 99\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Financial Structuring and Debt Sizing 101\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Borrower\/Sponsor Objectives 103\u003c\/p\u003e \u003cp\u003eLenders’ Objectives 104\u003c\/p\u003e \u003cp\u003eDebt Sizing and Sculpting 104\u003c\/p\u003e \u003cp\u003eFinancial Structuring—Debt Sizing and Loan Amortization 106\u003c\/p\u003e \u003cp\u003eLender Ratios for Debt Calibration and Stress Testing 110\u003c\/p\u003e \u003cp\u003eCash Traps and Sweeps 110\u003c\/p\u003e \u003cp\u003eCase Study: Sabine Pass LNG Project and USA-Asia Energy Flows 112\u003c\/p\u003e \u003cp\u003eEndnotes 117\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Environmental and Social Governance (ESG) 119\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSustainable Infrastructure Project Finance and Investing 120\u003c\/p\u003e \u003cp\u003eEquator Principles 121\u003c\/p\u003e \u003cp\u003eMultilateral Development Banks and ESG\u003c\/p\u003e \u003cp\u003eFrameworks 124\u003c\/p\u003e \u003cp\u003eIFC Impact Investing Principles 127\u003c\/p\u003e \u003cp\u003eGreen Bonds 129\u003c\/p\u003e \u003cp\u003eSustainability Project Financing and UN Social Development Goals (SDGs) 131\u003c\/p\u003e \u003cp\u003eUnlocking Institutional Capital to Meet Emerging Market SDGs 134\u003c\/p\u003e \u003cp\u003eCase Study: Manzanillo Container Port Terminal Project, Mexico 136\u003c\/p\u003e \u003cp\u003eEndnotes 141\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Emerging Markets Project Finance Bonds and Local Capital Markets 143\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eProject Bonds versus Project Loans 145\u003c\/p\u003e \u003cp\u003eProject Bonds Investor Base and Market Liquidity 151\u003c\/p\u003e \u003cp\u003eLocal Currency Project Bonds and Partial Credit Guarantees\/Insurance Wraps 154\u003c\/p\u003e \u003cp\u003eCase Study: Project Bond Case Study—Mong Duong 2 Power Project, Vietnam 155\u003c\/p\u003e \u003cp\u003eEndnotes 159\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 China’s Belt and Road Initiative 161\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBackground and Scope of the Belt and Road Initiative 161\u003c\/p\u003e \u003cp\u003eChina’s Financing Strategy for BRI Infrastructure Development 170\u003c\/p\u003e \u003cp\u003eEmergence of New Multilateral Development Banks—Focus on the Asia Infrastructure Investment Bank 172\u003c\/p\u003e \u003cp\u003eEndnotes 174\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Project Finance Market Developments and Finance Structures 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMini-Perm Financing Structures 177\u003c\/p\u003e \u003cp\u003eBack-Levered Financings for Renewable Energy Projects 180\u003c\/p\u003e \u003cp\u003eInfrastructure Guarantee Products—Bond and Private Capital Credit Enhancement 182\u003c\/p\u003e \u003cp\u003eEndnotes 187\u003c\/p\u003e \u003cp\u003eBibliography 189\u003c\/p\u003e \u003cp\u003eIndex 195\u003c\/p\u003e  \u003cp\u003e\u003cb\u003ePAUL D. CLIFFORD\u003c\/b\u003e is Adjunct Professor at Columbia Business School. He also teaches at The City University of New York. He is a consultant for in-house programs at international banks and private sector energy companies. Formerly, he was Director of Project Finance for Standard Chartered PLC and ANZ Bank.   \u003c\/p\u003e\u003cp\u003e\u003ci\u003eProject Finance: Applications and Insights to Emerging Markets Infrastructure\u003c\/i\u003e teaches you how to apply project finance techniques to projects in emerging markets. You'll learn about topics like risk management, impact investing, and the new appearance of global multilateral development banks. Finally, you'll read about how environmental, social, and corporate governance subjects play out in emerging market infrastructure projects. \u003c\/p\u003e\u003cp\u003eDistinguished academic and author Paul Clifford employs a highly practical and quantitative approach to project finance. He integrates core principles of corporate finance with key technological topics and country-specific frameworks and policies. The book is written in a straightforward and approachable style, combining applicable strategies with sound theoretical foundations. The chapters are grounded and utilitarian, suitable for both students of business and finance and professionals currently working in the field. \u003c\/p\u003e\u003cp\u003eExclusively focused on the challenges unique to emerging markets, \u003ci\u003eProject Finance\u003c\/i\u003e covers the fundamental principles of applying project finance structuring to those markets. It is supported throughout by seminal emerging market case studies and examples that tackle the actual implementation of the theoretical infrastructure development, investment, and finance concepts discussed within the book. Projects like China's Belt and Road Initiative are discussed at length and in the context of the theories and concepts introduced and explained by the book. \u003c\/p\u003e\u003cp\u003ePerfect for undergraduate and graduate students of business and finance, \u003ci\u003eProject Finance\u003c\/i\u003e also belongs on the bookshelves of professionals who regularly deal with the financing of projects in emerging markets. Bankers, infrastructure investors, and others will find this to be an invaluable resource before embarking on their next project. Anyone expected to make decisions with respect to the financing of emerging market infrastructure will significantly benefit from this book.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003ePRAISE FOR PROJECT FINANCE\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\"Paul Clifford brings a seasoned financier's perspective to readers seeking real-world, applied insight. Packed with detailed case studies, the text is comprehensive in its overview and timely in its focus on forces at play in global project finance. Clifford elucidates the key principles that underpin this financing discipline, but his practical commentary and transactional insights make this an accelerated guide for those entering or seeking to understand the field of project finance.\"\u003cbr\u003e \u003cb\u003e —MICHAEL WHALEN,\u003c\/b\u003e former Head of Project Finance, OPIC, US Ex Im Bank; former Head of Project Finance, HSBC \u003c\/p\u003e\u003cp\u003e\"Paul Clifford's book brings together and provides a much needed emerging markets perspective in the understanding and teaching of project finance. This book will be useful for both advanced undergraduate and graduate students who want a deeper understanding of project and development finance as well as for practitioners.\"\u003cbr\u003e \u003cb\u003e —PROFESSOR DAVID YU, P\u003csmall\u003eH\u003c\/small\u003eD,\u003c\/b\u003e CFA Finance Professor, New York University Shanghai; Chairman, CAVA and AAVA \u003c\/p\u003e\u003cp\u003e\"Clifford has effectively synthesized years of energy and infrastructure finance experience into a high-value guide for those focused on mastering the issues that must be addressed in structuring an effective limited recourse project financing. The lessons learned will prove invaluable to bankers, advisors, and students alike.\"\u003cbr\u003e \u003cb\u003e —DAN BARTFELD,\u003c\/b\u003e Partner, Milbank \u003c\/p\u003e\u003cp\u003e\"This book provides a comprehensive summary of project finance features in general, alongside case analysis takeaways for emerging markets in particular. The chapter on current ESG issues in infrastructure finance is both timely and rarely found in other books on this topic.\"\u003cbr\u003e \u003cb\u003e —DR. KARL V. LINS,\u003c\/b\u003e Spencer Fox Eccles Chair in Banking and Professor of Finance, David Eccles School of Business, University of Utah; Visiting Professor of Finance, London Business School \u003c\/p\u003e\u003cp\u003e\"This book provides tremendous insights from inside the project financing process that will benefit project developers and lenders in emerging and even developed markets.\"\u003cbr\u003e \u003cb\u003e —TOM NELTHORPE,\u003c\/b\u003e Contributing Editor, Proximo; former Editor, Project Finance Magazine and IJGlobal\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989874098405,"sku":"NP9781119642466","price":65.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119642466.jpg?v=1761785748","url":"https:\/\/k12savings.com\/products\/project-finance-isbn-9781119642466","provider":"K12savings","version":"1.0","type":"link"}