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Day 1 - Project Finance in Theory and Practice

What is Project Finance?

Case Study: Constraints on project finance in contemporary Africa

Case Study: Choosing project vs corporate finance

Project Finance - the Parties

Case Study: Differentiation between oil & gas, mining and power projects – examples and applications

Making the Case for Project Finance

Case Study: Forecasting power and aviation demand in Africa

Group Discussion: the contribution of project finance to economic development in Africa

Stages in the Deal

Case Study: How to benchmark a major industry

Group Exercise: Putting together a project finance deal. You will take different roles and perspectives to develop and sell a project finance deal for a mining company.

Day 2 - Funding and Structuring a Project Finance Deal

Sources of Funding

Case Study: Role of the African Development Bank and other multilateral institutions in infrastructure development

Bank Lending

Case Study: Formulation and examination of bank lending ratios

Case Study: Infrastructure bond finance – the major alternative to the banks?

Group Exercise: Presenting a project finance proposal to a bank. You will compete to obtain bank funding for a series of different project finance opportunities, assembling data and using a range of techniques to attract funding.

Third Party Investment in Project Finance Deals

Case Study: Infrastructure investment funds in Africa

Group Exercise: Continuing the exercise above, you will present to an infrastructure fund for third party investment.

Day 3 - Project Finance Documentation and Risk Analysis

Project Finance Documentation

Case Study: FIDIC contracts

Due Diligence Assessment and Risk

Case Study: Evaluating a World Bank / IFC proposal

Analysing Risks

Case Study: Examples of project finance models

Summary: African project finance in the first quarter of the 21st Century

Day 4 - Financial Modelling Using Excel

Using Excel for Modelling

Case Study: Evaluating good and bad Excel financial models

Project Cash Flow

Case Study: Project finance worldwide

Project Finance Models

Case Study: Examples of project finance models

Equity Valuation

Case Study: Valuation and Cash Flow models

Project Dynamics

Case Study: Revenue and cost models

Project Finance in Practice

Case Study: Examples of Excel project modelling

Project Finance Model Issues

Case Study: Modelling cash flow waterfalls

Approaches to Rating in Project Finance Models

Case Study: Rating Agency models of project finance transactions

Using Project Finance Models

Case Study: Review of several project finance models and their decision-making input

Day 5 - Building a Project Finance Model

Building a Project Finance Model

Based on a real example, provided by an equity investor in a project finance transaction, you will construct and use a
model for the transaction. The exercise will include:
- Project review
- Analysing the inputs
- Dealing with input priorities
- Data plausibility
- Cashfl ow projections
- Loan assessment
- IRR, NPV and other valuation analysis

Course Conclusion

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