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Product Description
Review
"This book provides a comprehensive treatment of project finance accessible to those less familiar with the subject matter yet detailed enough to serve as a valuable reference for the experienced manager. The book covers a wide array of topics from legal issues to valuation methods, and even hedging financial risk with financial derivatives. Given the increasing importance of project finance in Asia and the Pacific Rim, Principles of Project Finance, will be an invaluable reference for academics and managers alike in this region." --Nobuya Takezawa, International Christian University, Tokyo, Japan "This is an authoritative work written by a distinguished practitioner. I have no doubt it will quickly become a key text for those in both public or private sectors whose work involves Project Finance." --Michael Gerrard, Head of Public Private Partnerships, Partnerships UK plc
Product Description
This introduction for practitioners offers a balanced view of project financing, integrating legal, contractual, scheduling, and other areas that participate in large multiparty projects, large single-asset purchases, and broad-based financing programs for fleets of assets. It mixes theories and case studies but avoids becoming too oriented toward applications in any one particular industry. It focuses on the concepts and techniques required by project finance people without being overly academic or beset by case studies. The author, who has a legal background, recognizes that some legal information is necessary, but he doesn't attempt to write a law book. Project Finance refers to the techniques of financing projects which are dependent on cash flows for repayment, as defined by the contractual relationships within each project. By their very nature, these types of projects rely on a large number of integrated contractual arrangements for successful completion and operation. Project finance is an element within the larger field of project management. Many organizations around the world utilize project management to enable innovative processes, to plan, organize, and control strategic initiatives, to monitor enterprise performance, to analyze significant deviations, and to forecast their impact on the organization and project(s). Project management can be found in many industries today, from construction and information systems to healthcare, financial services, education, and training. The key features: a comprehensive and authoritative guide to the theory and practice of project finance; and an international scope, covering projects in both the developed and developing worlds. The book describes and explains: sources of project finance; typical commercial contracts (such as those for construction of the project and sale of its product or services) and their impact on the project finance structure; project finance risk assessment from the points of view of lenders, investors, and other project parties; structuring the project finance debt; the key issues in negotiating a project finance debt facility; and extensive glossary and cross-referencing. No prior knowledge of project finance or financing techniques is assumed.
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First Sentence
Project finance is a method of raising long-term debt financing for major projects through "financial engineering," based on lending against the cash flow generated by the project alone; it depends on a detailed evaluation of a project's construction, operating and revenue risks, and their allocation between investors, lenders, and other parties through contractual and other arrangements. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt
Project finance is a method of raising long-term debt financing for major projects through "financial engineering," based on lending against the cash flow generated by the project alone; it depends on a detailed evaluation of a project's construction, operating and revenue risks, and their allocation between investors, lenders, and other parties through contractual and other arrangements. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt
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Most Helpful Customer Reviews
7 of 7 people found the following review helpful
Format:Hardcover
This book provides a very concise and practical overview of all aspects of project finance. It is well written, easy to follow and covers all relevant points in a succinct way. It is accessible to a beginner in the topic wishing to gain a general overview, but equally useful to experienced practitioners who wish to round out or gain more in depth knowledge of a particular area.
1 of 1 people found the following review helpful
Format:Hardcover
I needed a book that could guide me through the basics of PF. This is a well structured easy to read book that touches upon every single topic around PF. I would reccomend it to anybody who needs calrifications or brush up their PF knowledge.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
8 reviews
10 of 10 people found the following review helpful
Excellent practical treatment of Project Finance
21 Sep 2009
Format:Hardcover|Amazon Verified Purchase
Principles of Project Finance
E. R. Yescombe
Elsevier Academic Press
E. R. Yescombe's Principles of Project Finance, published by Elsevier Academic Press, is an excellent and thorough practical treatment of project finance issues for professionals and others looking for a broad and deep understanding. At 344 pages, this book includes 13 chapters and a detailed glossary of terms.
Clearly this book is by an exceptionally experienced and talented author, who focuses on how to make the project work. Every chapter is a good chapter; I particularly found Chapter 8 interesting with its detailed discussion of project risks, including, e.g. EPC contracting issues (Engineering, Procurement and Construction contracts), commercial viability, completion risks, credit risks, construction cost overruns, delays, relocation of utilities, protesters, project dependencies, environmental risks, operating risks, technology risks, operating cost overruns, maintenance, long-term sales contracts, waste disposal, recourse to sponsor issues, and many more. Yescombe discusses numerous issues and potential situations, and provides suggestions for how to resolve the issue.
In the first section, chapters 1-5, Yescombe provides a detailed discussion of the basics of project finance, with numerous tables and charts. For example,
Chapter 1 is a general introduction to project finance,
Chapter 2 reviews key characteristics of project finance and why it is used
Chapter 3 discusses markets for raising project finance debt
Chapter 4 discusses initiation and structuring of project development and finance for private and public projects
Chapter 5 reviews procedures for obtaining project finance from private lenders
In the second section, chapters 6-7, Yescombe discusses project finance documentation:
Chapter 6 discusses the main Project Agreement, which is often an Offtake Contract or Concession Agreement
Chapter 7 reviews other project contracts, such as construction and operation of the project, raw materials and other inputs, insurance, etc.
In the third section, chapters 8-11, Yescombe reviews project finance risk:
Chapter 8 discusses project risk and mitigation from the viewpoint of lenders
Chapter 9 analyses the effect of macroeconomic risk, such as inflation, interest rates, exchange rates, on project finance, and mitigation efforts
Chapter 10 reviews effects of political risks on projects
Chapter 11 reviews mitigation of political risk, including insurance, guarantees, export credit agencies and development banks, etc.
In the last section, Yescombe discusses the financing structure for projects
Chapter 12 reviews the use of project financial models for investors and lenders
Chapter 13 demonstrates review and risk analysis during negotiation of project finance structure and terms
Yescombe's Principles of Project Finance is a highly useful addition for anyone involved with project management and project finance, and serves as a useful reference.
By David Hoicka
E. R. Yescombe
Elsevier Academic Press
E. R. Yescombe's Principles of Project Finance, published by Elsevier Academic Press, is an excellent and thorough practical treatment of project finance issues for professionals and others looking for a broad and deep understanding. At 344 pages, this book includes 13 chapters and a detailed glossary of terms.
Clearly this book is by an exceptionally experienced and talented author, who focuses on how to make the project work. Every chapter is a good chapter; I particularly found Chapter 8 interesting with its detailed discussion of project risks, including, e.g. EPC contracting issues (Engineering, Procurement and Construction contracts), commercial viability, completion risks, credit risks, construction cost overruns, delays, relocation of utilities, protesters, project dependencies, environmental risks, operating risks, technology risks, operating cost overruns, maintenance, long-term sales contracts, waste disposal, recourse to sponsor issues, and many more. Yescombe discusses numerous issues and potential situations, and provides suggestions for how to resolve the issue.
In the first section, chapters 1-5, Yescombe provides a detailed discussion of the basics of project finance, with numerous tables and charts. For example,
Chapter 1 is a general introduction to project finance,
Chapter 2 reviews key characteristics of project finance and why it is used
Chapter 3 discusses markets for raising project finance debt
Chapter 4 discusses initiation and structuring of project development and finance for private and public projects
Chapter 5 reviews procedures for obtaining project finance from private lenders
In the second section, chapters 6-7, Yescombe discusses project finance documentation:
Chapter 6 discusses the main Project Agreement, which is often an Offtake Contract or Concession Agreement
Chapter 7 reviews other project contracts, such as construction and operation of the project, raw materials and other inputs, insurance, etc.
In the third section, chapters 8-11, Yescombe reviews project finance risk:
Chapter 8 discusses project risk and mitigation from the viewpoint of lenders
Chapter 9 analyses the effect of macroeconomic risk, such as inflation, interest rates, exchange rates, on project finance, and mitigation efforts
Chapter 10 reviews effects of political risks on projects
Chapter 11 reviews mitigation of political risk, including insurance, guarantees, export credit agencies and development banks, etc.
In the last section, Yescombe discusses the financing structure for projects
Chapter 12 reviews the use of project financial models for investors and lenders
Chapter 13 demonstrates review and risk analysis during negotiation of project finance structure and terms
Yescombe's Principles of Project Finance is a highly useful addition for anyone involved with project management and project finance, and serves as a useful reference.
By David Hoicka
10 of 11 people found the following review helpful
EXCELLENT BOOK ON PROJECT FINANCE
16 Dec 2008
Format:Hardcover|Amazon Verified Purchase
I think that this is one of the best books ever written on project finance. It can be used as primer for beginners and as a frequent reference for those already familiar with the subject.
I am a corporate financial advisor for chemical company that is continuously invoved in developing new projects utilizing funds procured under the project finance concept.
Although I have read the book in 2003, I find myself repeatedly referring back to it whenever our company needs a project finance loan.
The author's immense experience in project finance has been distilled into the book.
I sincerely believe that all readers will find the book extremely useful. I recommend this book to everyone interested in project finance.
I am a corporate financial advisor for chemical company that is continuously invoved in developing new projects utilizing funds procured under the project finance concept.
Although I have read the book in 2003, I find myself repeatedly referring back to it whenever our company needs a project finance loan.
The author's immense experience in project finance has been distilled into the book.
I sincerely believe that all readers will find the book extremely useful. I recommend this book to everyone interested in project finance.
Very useful for understanding P3 finance
27 Mar 2011
Format:Hardcover
This text gives a useful overview of how project finance works, especially in the context of P3 projects. Sometimes a bit dry, but generally readable.
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