Project Finance: A Legal Guide, 4th South Asian Edition by Graham Vinter | 2015

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Project Finance: A Legal Guide, 4th South Asian Edition by Graham Vinter | 2015

Author Graham Vinter, Gareth Price, David Lee
Publication Date 2015
ISBN 9789384746575
Publisher Sweet & Maxwell


Navigating the dynamic landscapes of project, energy, and infrastructure markets necessitates a comprehensive understanding of the various facets at play. Project Finance is a valuable resource to assist you in this endeavor.

This resource offers guidance on the legal and business intricacies associated with these sectors, shedding light on the prevailing market trends in project, energy, and infrastructure domains. It also delves into the diverse techniques applied across different industries.

Given the substantial transformations in the global economy in the eight years since the previous edition's release, the development of projects and the financing of infrastructure and energy ventures have rapidly progressed. The new edition provides an up-to-date exploration of the industry's evolving dynamics, ensuring you stay well-informed.

Key Features of Project Finance: A Legal Guide, 4th South Asian Edition | 2015:

  • Acknowledges the broadening scope of projects, extending beyond their origins in power and energy, with an extensive focus on the infrastructure market.
  • Traces the ascent of independent financial equity in the realms of projects, energy, and infrastructure. This encompasses various entities like private funds, specialized infrastructure and energy funds, pension funds, and government-controlled funds, examining their implications.
  • Discusses the surge, and in some instances, the decline of nuclear energy, investments driven by policy in diverse renewable energy sources, the development of increasingly larger LNG projects, and the ongoing evolution of the Independent Power Producer (IPP) model using conventional thermal fuel sources.
  • Features new sections that address the significance of investment treaties and the role of public international law in shaping investment and lending decisions. It also highlights the crucial involvement of export credit agencies, multilateral organizations, and development finance institutions (DFIs), including an update on significant proposed changes to the Equator Principles.
  • Provides insights into the influence of regulatory changes in the banking sector on the project finance banking market.

TABLE OF CONTENTS of Project Finance: A Legal Guide, 4th South Asian Edition by Graham Vinter | 2015:

Preface to the Fourth Edition
Table of Cases
Table of Statutes
Table of Statutory Instruments
Table of European and International Legislation

1. The Parties Objectives
The Host Government
The Private Sector Sponsors
The Lenders

2. Running a Competition
Why Run A Competition?
Legal Constraints
The Gpa's Requirements
Types of Procurement Procedures
The Scope for Negotiations in a Tender Process.
Other Features of the European Union Procurement Rules
Designing a Competition
The Request for Proposals (RFP)

3. Structuring the BID
The Finance Plan
The Corporate Structure

4. Types of Vehicle
The Pre-Development Phase
The Unincorporated Joint Venture
The General Partnership
The Limited Partnership
The Limited Liability Partnership (LLP)
The Incorporated Company
Other Forms of Vehicle Under EU Law

5. The Contractual Framework
Types of Contract
Deal Philosophy; The "Back-to-Back" Exercise.
Shareholders Agreements
Concession Agreements and BOT Projects
Construction Contracts
Operation and Maintenance Agreements
Interface Agreements
Supply Contracts
Offtake Agreements: General
Gas Sales Agreements
Pass-Through Offtake Agreements
Power Purchase Agreements: The Standard Risk Allocation
Tolling Agreements
Ppp Agreements—The Standard Risk Allocation
The Nature of Termination Compensation
Dispute Resolution

6. Bankability
Force Majeure
Requirements for Bankability
Lenders' Security Concerns

7. The Principal Finance Documents
The Preliminary Information Memorandum
The Mandate Letter
Basic Terms of a Loan Agreement
The Non-Recourse or Limited Recourse Concept.
Some General Issues

8. Negotiating Finance Documents
Intercreditor Issues

9. Ratios and Accounts
Debt to Equity Ratio
Debt Service Cover Ratio
Loan Life Cover Ratio
Assumptions and Computer Models
Control Accounts

10. Project Bonds
Why Use a Project Bond?
Major Differences Between Capital Markets Financing and Bank Financing
Documentation of Project Bonds
Challenges for Project Bonds
Regulatory Issues

11. Sponsor Support, Security and Related Issue
Sponsor Support
Direct Agreements and Collateral Warranties

12. Projects in Trouble
Directors' Duties Under English Law
The Contents of a Typical Standstill Agreement
Compromise Arrangements
The Lenders' Position: Taking Control
The Lenders' Position: Sale

13. Insurance Issues
The Lenders' Perspective
The Non-Vitiation Issue
Typical Insurance Provisions in a Project Credit Agreement
Mandatory Local Insurance; Reinsurance

14. Export Credit and Multilateral Agencies
Commercial and Political Risk
Export Credit Agencies
Multi-Lateral Agencies: International Finance Corporation (IFC), Multilateral
Investment Guarantee Agency (MIGA) and the European Bank for Reconstruction and
Development (EBRD)
The European Investment Bank (The EIB)
Intercreditor Issues Involving ECAS and The EIB

15. Environmental Issues

16. State AID

17. Public International Law and Projects
The Investment Protection Regime

18. Cross-Border Pipeline Projects
Competing Interests of Project Participants in Pipeline Projects
Host State Risk
Intergovernmental Agreements
Host Government Agreements
Particular Objectives and Issues
Expropriation and Nationalisation

19. Upstream Oil and Gas Projects
Production Sharing Agreements
The North Sea
Borrowing Base Facilities

20. LNG Projects
The LNG Supply Chain
The Changing LNG Market
Possible LNG Project Structures
Factors Influencing Choice of Structure ... Political Risk Mitigants for LNG Projects.
Contractual Issues
The Lenders' Approach to Due Diligence
GTL Projects

21. Public-Private Partnerships
The Global Perspective
The Three Issues to Note
The Risk Allocation

22. Infrastructure
Infrastructure Assets
Infrastructure Debt Trends

23. Nuclear Power
Scale and Economics
Delivery and Political Planning
Regulatory Oversight
Length of Development Phase and Structure of Construction Arrangements
Intelligent Customer
The Importance of the Term "Operator"
Contractual Remedies
Fuel Supply Arrangements
Offtake Arrangements
Nuclear Liability

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