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Project Financing: Asset-Based Financial Engineering, 3rd Edition

Project Financing: Asset-Based Financial Engineering, 3rd Edition

Author: John D. Finnerty
Publisher: John Wiley & Sons
ISBN: 9781118394106
Published In: May 2013
Format: Hardback , 560 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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A timely update to one of the most well-received books on project financing

As an effective alternative to conventional direct financing, project financing has become one of the hottest topics in corporate finance. It's being used more and more frequently—and more successfully—on a wide variety of high-profile corporate projects, and has long been used to fund large-scale natural resource projects. But the challenges of successful project financing are immense, and the requirements of the process can easily be misunderstood. That's why John Finnerty has returned with the Third Edition of Project Financing.

Drawing on his vast experience in the field, Finnerty takes you through the process step by step. Using updated examples and case studies that illustrate how to apply the analytical techniques described in the book, he covers the rationale for project financing, how to prepare the financial plan, assess the risks, design the financing mix, raise the funds, and much more.

Includes completely new chapters that cover the financing of sustainable projects as well as Sharia-compliant (Islamic) project financing
New material has been added to the discussion of financial modeling and international debt financing
Explores today's most innovative financing techniques and analyzes the shortcomings of unsuccessful project financing attempts

Whether you're a corporate finance professional, project planner, or private investor, Project Financing, Third Edition demystifies the complexities of project financing and provides an invaluable guide for anyone who wants to master innovation in corporate finance today.

Who should read:

Accountants, consultants, lawyers, and other professionals who work in the corporate finance area and wish to keep up-to-date
Financial managers who are responsible for arranging financing for their companies’ projects
Investment bankers and commercial bankers who assist companies in raising funds for large capital intensive projects
Investors who are considering committing funds to limited-purpose companies or to mutual funds that have been set up to invest in infrastructure projects in the emerging markets
Government officials who are wondering how to finance their wish lists of infrastructure projects
MBA students and executive MBA students studying corporate finance
Students of finance who wish to be fully knowledgeable concerning the techniques modern financiers are using to finance large-scale projects

Preface xi

Acknowledgments xv

CHAPTER 1 What Is Project Financing? 1

CHAPTER 2 The Rationale for Project Financing 13

CHAPTER 3 What Is Special about Large Projects? 33

CHAPTER 4 Who Finances Large Projects? 53

CHAPTER 5 Analyzing Project Viability 71

CHAPTER 6 Analysis and Financing of Renewable Energy Projects 91

CHAPTER 7 Designing Security Arrangements 115

CHAPTER 8 Structuring the Project 131

CHAPTER 9 Preparing the Project Financing Plan 151

CHAPTER 10 Discounted Cash Flow Analysis 169

CHAPTER 11 Financial Modeling and Project Evaluation 193

CHAPTER 12 Using Real-Options Analysis to Evaluate a Project 215

CHAPTER 13 Sources of Project Funds 239

CHAPTER 14 Managing Project Risks 271

CHAPTER 15 Sharia-Compliant Project Financing 305

CHAPTER 16 Issues for the Host Government 331

CHAPTER 17 Case Study: The Indiantown Cogeneration Project 347

CHAPTER 18 Case Study: The Tribasa Toll Road Project 379

CHAPTER 19 Case Study: The Euro Disneyland Project 399

CHAPTER 20 Case Study: The Eurotunnel Project 431

CHAPTER 21 Conclusion 457

APPENDIX A Comparative Terms of Selected Projects 463

APPENDIX B Other Examples of Project Financings 475

APPENDIX C Legal Investment Requirements Governing New York Life Insurance Companies 489

Notes 495

Bibliography 513

Websites 521

Index 523

John D. Finnerty, PhD, is Professor of Finance at Fordham University's Graduate School of Business and served as the founding director of the MS in Quantitative Finance Program. He is also Managing Principal of Finnerty Economic Consulting, LLC, which specializes in business valuation, securities valuation, solvency analysis, calculation of damages, and litigation support. Finnerty has testified as an expert in valuation, securities, and other financial matters in federal and state court, and in arbitration and mediation proceedings. His research focuses on corporate finance, including project financing and fixed income securities and derivatives valuation. Finnerty has published thirteen books, including the first and second editions of Project Financing, and more than one hundred articles and professional papers. He is a former president and director of the Fixed Income Analysts Society, and a former president, director, and chair of the trustees of the Eastern Finance Association. Finnerty is a trustee of the Eastern Finance Association and a Director of the Financial Management Association. He was inducted into the Fixed Income Analysts Society Hall of Fame in 2011.

Praise for the Previous Edition of Project Financing

"Owing to his teaching as a finance professor and as an experienced investment banker, John Finnerty brings to his book, Project Financing, an insightful perspective, blending the theoretical with the practical."
—Zoltan Merszei, former chairman, president, and CEO, The Dow Chemical Company

"Finnerty has managed to distill the complexities of project financing with its myriad components and variations. Clear, practical, and in-depth, Project Financing is a valuable user's guide for project sponsors, regulators, host governments (local and foreign), and financiers alike."
—Ricardo M. Campoy, former director, Kilgore Minerals Ltd.

"Project Financing warrants a place in the essential libraries of corporate financial managers, their advisors, senior strategists, bankers, large private investors, government officials, and anyone who aspires to master innovation in corporate finance."
—Robert F. Bruner, Dean and Charles C. Abbott Professor of Business Administration, Darden School of Business, University of Virginia

"This book is the first comprehensive treatment of project financing. It provides an invaluable contribution to financial management literature and practice."
—Andrew H. Chen, Distinguished Professor of Finance, Edwin L. Cox School of Business, Southern Methodist University